The seller was not identified. An earlier securities offering had listed the owner as Parktowne House Apts. LLC of Paramus. The buyer was similarly not identified, but was described by the brokers as a New York City-based real estate investor.
"This transaction, and its aggressive price, demonstrates enduring demand for high-quality product in Middlesex County and throughout Central and Northern New Jersey," Brecher says. "The current market is being driven by an influx of financially sound investors who are competing for well-maintained buildings with inherent rent appreciation.
"Multifamily housing product throughout the surrounding area and Highland Park, which is in close proximity to Rutgers University and several large corporate entities, has consistently high occupancy," Brecher says. "That is a primary attraction for the buyer, who owns other properties in New Jersey."
Fully occupied at the time of sale, Parktowne House consists of two brick-faced buildings of five and six stories. Its layout consists of 51 one-bedroom, 12 two-bedroom and 21 studio units.
"Unlike other investment market sectors, which are experiencing a negative trickle-down effect from the subprime mortgage crisis, there is continued soaring demand for multifamily product in all asset classes throughout the tri-state region," Uranowitz says.
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