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97 Apartments Trade for $9M

SOUTH BOUND BROOK, NJ-Lightstone has sold the Towne Oaks complex to a North Jersey-based 1031 buyer.

By Eric Peterson | Updated on December 19, 2008

SOUTH BOUND BROOK, NJ – As a sign that good residential properties continue to find a market in New Jersey in the current economic climate, yet another apartment complex has changed hands for a solid per-unit price. This time, the Lakewood, NJ-based Lightstone Group has sold the 97-unit garden-style Towne Oaks Apartments for just shy of $8.8 million, which factors out to more than $90,700 per unit.

The buyer was a North Jersey investor group identified as Lakeview Gardens LLC, which closed the deal as part of a 1031 exchange. The sale was orchestrated by Joseph Brecher, SVP of the Livingston, NJ-based Gebroe-Hammer Associates.

Located on four acres at 159 Main St. in this Somerset County community, the property had been on the market for just 30 days, Brecher reports. Post-sale, the new owner plans some exterior cosmetic upgrades, and interior upgrades as units turn over.

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