NEW YORK, NY - Candlebrook Properties, LLC and Angelo, Gordon & Co. announced that the firms have acquired the Echelon Glen multifamily apartment complex totaling approximately 900 units in Voorhees, New Jersey. The properties will be managed by Candlebrook, which now oversees a portfolio of several thousand apartments throughout New Jersey.
Candlebrook’s affiliate, New York-based Vantage Properties, is a leading investor in, and operator of, apartment properties in New York City. Since its formation in 2011, Candlebrook has extended that geographic reach by making several long-term investments in multi-family rental properties in New Jersey and the Greater Philadelphia region. Candlebrook and Vantage apply the same core operating model by providing residents with the highest level of service and safety through skilled management and operational innovation.
Neil Rubler, President and C.E.O. of Vantage Properties, said, “Since launching Candlebrook in 2011, we have extended Vantage’s reach by acquiring high-quality middle-income property portfolios that offer exceptional housing options to residents in suburban New Jersey. We’re pleased to partner again with Angelo, Gordon & Co. in an acquisition that enhances our portfolio and extends our operating model in the region.”
Devin Aronstam, Director and Head of Acquisitions for Candlebrook, said, “The Voorhees acquisition is a significant step for Candlebrook, as we continue to build an attractive portfolio of multi-family rental properties in the New Jersey and greater Philadelphia markets. We look forward to enhancing our residents’ lives by improving the overall quality and condition of our properties and by providing world-class property management.”
Daniel Rudin, Vice President for Angelo, Gordon, said, “This acquisition marks Angelo, Gordon’s third transaction with Candlebrook to date. We are excited about the potential for this asset and the opportunities that lie ahead.”