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700 Citation LnCherry Hill, NJ 08002
Plaza Grande at Cherry Hill
Asset ClassSenior Housing, Multifamily
overview of deal

Overview

Newmark has been exclusively retained to offer for sale The Plaza Grande at Garden State Park (the “Property”), a premier, luxury garden-style active adult community located in Cherry Hill, New Jersey. The Property consists of 507 units across 16 buildings, encompassing 560,918 square feet, with full completion anticipated in Q1 2025. Strategically positioned within a 350-acre master-planned development, The Plaza Grande offers unparalleled access to Southern New Jersey and Philadelphia’s affluent 55+ demographic.

 

The Plaza Grande represents a best-in-class, institutionally developed and managed community, featuring luxury finishes, world-class amenities, and thoughtfully designed living spaces. This upscale 55+ active adult community is surrounded by abundant retail, lifestyle amenities, and major demand drivers, ensuring sustained long-term appeal.

 

The Property boasts an exceptional amenity package, including an 18,500-square-foot clubhouse, indoor and outdoor saltwater pools, pickleball and tennis courts, a golf simulator, sauna and massage rooms, a sports lounge, a movie theater, and more. The combination of premium features, strong market fundamentals, and strategic location offers investors a rare opportunity to acquire the newest multifamily product in a high-demand suburban market. This asset promises long-term stability and core suburban diversification with continued rent

growth potential.

 

The Plaza Grande at Garden State Park is more than just a home, it provides residents with a vibrant, active lifestyle. With construction nearing completion and the added appeal of a high-end, worry-free living experience, the Property is poised to become the crown jewel of theCherry Hill submarket.

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Investment Highlights

Plaza Grande at Garden State Park in Cherry Hill, NJ, is a 16-building, 507-unit age-restricted/active adult community on behalf of Procida Funding and Advisors.

 

Deal Highlights

  • The Plaza Grande is a luxury, garden-style age-restricted/active adult community offering a best-in-class living experience for the 55+ demographic in Cherry Hill, NJ.
  • Upon completion (1Q 2025) the entire site will consist of 16 buildings and 507 units, with a mix of 478 fair market and 29 affordable units. The recent completion of the amenity building, combined with ongoing construction onsite, has temporarily impacted leasing efforts. However, this presents a strong opportunity for significant upside once construction is fully completed.
  • The entire project began construction in 2017 and is expected to be complete in 1Q 2025.
  • Completed buildings maintain a 71% occupancy rate with an average in-place rent of $2,340/month or $2.23 PSF or $2,526/month and $2.28 PSF for the fair market units.
  • Residents enjoy an 18,500-square-foot clubhouse, indoor and outdoor saltwater pools, pickleball and tennis courts, a golf simulator, and other world-class amenities designed for active adult living.
  • Achieving 3.7% premium to average in-place rents on recent leasing in the prior 3 months.
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700 Citation LnCherry Hill, NJ 08002

Please contact one of the investment Sales team members below with any questions

Adam SpiesCo-Head of U.S. Capital Markets(212) 850-5420adam.spies@nmrk.com
Erin MillerExecutive Managing Director2679186400erin.miller@nmrk.com
Lizann McGowanExecutive Managing Director2159014554Lizann.McGowan@nmrk.com
Marybeth FarrisDirector of Transactions2676038650marybeth.farris@nmrk.com
Steven SchulzExecutive Managing Director2015045127steven.schultz@nmrk.com
Ryan MaconachyVice Chairman, Health & Alternatives Assets(469) 467-2052ryan.maconachy@nmrk.com
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Listing provided by Revere CRE