WOODBRIDGE, NJ-Woodbine Gardens, a 108-unit garden apartment complex located at 1 Woodbine Road here, has been sold for $7.9 million, says Gebroe-Hammer Associates, which represented both the seller, a private investor and long-time owner of the building, and the buyer, a Gebroe-Hammer client.
The buyer, who owns several properties throughout New Jersey and Pennsylvania, plans an extension renovation of the project, which was built in the 1960s. “The buyer acquired this property because of the tremendous upside potential, in terms of adding value and repositioning the units,” says Joseph Brecher, executive VP of Livingston, NJ-based Gebroe-Hammer, in a statement. “The Avenel district is a commuter neighborhood where rental living is in demand among professionals, working class families and retirees, feeding the area occupancy rate of approximately 96% percent.”
Legal counsel was provided by Evan N. Pinkus of Pinkus & Landsberg, of East Brunswick, NJ, and Rich Kelin, of Feinstein Raiss Kelin & Booker, of West Orange, NJ, on behalf of the seller and buyer, respectively.
Woodbine Gardens, located at the intersection of Route 35 and Woodbine Avenue, consists of six studio, 85 one-bedroom and 17 two-bedroom units with balconies. Rents range from $1,000 for a one-bedroom to $1,880 for a two-bedroom townhouse, says rental website 4Walls.com.
“The single-family housing market has been and continues to be very weak, steering individuals and families toward rentals throughout central and northern New Jersey,” says Ken Uranowitz, Gebroe-Hammer managing director, in a statement.
Another multifamily building for sale in the area, a two-story, 12-unit building at 414 Rahway Avenue, is asking $1.15 million, according to Showcase.com.
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