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Gebroe-Hammer Closes $26M Sale in Middlesex County

PLAINSBORO, NJ-The transaction highlights a growing demand for multifamily properties in Central New Jersey.

By Alyson Grala | Updated on March 04, 2010

PLAINSBORO, NJ-Demand for well-located multifamily investment properties like Deer Creek Apartments, which recently sold for $26.4 million in Middlesex County, is gaining momentum, according to Gebroe-Hammer Associates of Livingston. The firm’s Joseph Brecher, executive vice president, identified the buyer, the Orbach Group, and orchestrated an off-market transaction of these 288 rental units from the seller.

“Situated in the heart of Plainsboro near Princeton and New Brunswick, the well-maintained property attracted the buyer’s interest because of the area’s strong rental pool and stable occupancy rates,” says Brecher. “The acquisition of Deer Creek Apartments marked a significant expansion of the buyer’s multifamily portfolio in the area.”

Located at 305 Deer Creek Dr. in the southwestern part of Middlesex County, the 24- building complex is comprised of a mix of one- and two-bedroom units featuring private balconies or patios. On-site amenities include an outdoor pool, sports courts and walking paths. Select units have washers/dryers and walk-in closets.

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