The Plaza Grande at Garden State Park

700 Citation Lane, Cherry Hill, NJ, 08002, US

Description

JLL Capital Markets ("JLL") is pleased to exclusively offer for sale The Plaza Grande at Garden State Park ("Property", "Plaza Grande"), a 507-unit luxury apartment community in Cherry Hill, New Jersey. The Property is located on a lush 34-acre campus immediately adjacent to the Cherry Hill Mall and only 15-minutes from downtown Philadelphia. The 2025-completed campus features exceptional living experiences for active adults (age 55+), combining the allure of a highly-amenitized location with premium unit quality on a lush 34-acre campus. Plaza Grande capitalizes upon the large and growing demand for rental housing from aging Baby Boomers, and is leasing up quickly with robust rate growth. Plaza Grande is the premier apartment campus in the Cherry Hill market and is poised to capitalize on the fast-growing senior population.

Plaza Grande is offered free and clear of management contract and unencumbered by financing. All inquiries should be directed to the JLL contacts below. The data room is expecting to be opened next week.

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Attributes

Number of units

507

Year built

2025

Land area gross

33.8 acres

Media

Investment Highlights

Expansive 34-Acre Campus

Plaza Grande provides residents with expansive amenities with 509 units across a lush 34 acre campus. The campus benefits from an oversized 18,000 SF clubhouse, outdoor walking trails, tennis and bocce courts, outdoor cooking spaces, and more. Indoor clubhouse contains indoor and outdoor saltwater pools, club rooms with gaming tables, a fitness center, yoga studio, movie theater, and a soon to be included golf simulator room.

Abundant Nearby Amenities

The Property is located less than a 15 minute drive from downtown Philadelphia and within immediate vicinity of the Cherry Hills Mall, South Jersey's premier shopping destination, and a Wegman's-anchored shopping center.

Exceptional Leasing & Above-Market Rent Growth

Plaza Grande has leased up at an average of approximately +10 net units per month (far above the age-restricted average) over the past 12 months and is benefitting from an impressive +5% lease trade-outs.

Dense & Affluent Demographics

Plaza Grande is located in dense Cherry Hill NJ with over 300,000 people and an average household income of over $128,000 within a 5-mile radius. Furthermore the senior (75+ population) has an average net worth of $2.1 million, which is 44% higher than the overall population.

Market-Rate Age-Restricted Apartments: A Superior Renter

Age-restricted apartments attract a superior and more affluent resident. As a product age-restricted apartments exhibit a remarkable 80% resident retention rate and more affluent