$16.9M HUD Property Sale Arranged By Marcus & Millichap

Brookside Terrace, 33 Mill St., Newton, NJ

NEWTON, NJ—Marcus & Millichap has arranged the $16.9-million sale of Brookside Terrace, a 222-unit HUD property in Newton, NJ. The apartment complex consists of a 10-story high-rise building along with townhouses. Built in 1976 on 7.2 acres, the property is located at 33 Mill St. in Newton, one hour from Manhattan.

“This was an extremely complicated transaction that involved multiple state housing agencies and a conversion to the Housing and Urban Development’s RAD 2 program,” says Andrew Townsend, VP investments in Marcus & Millichap’s Philadelphia office.  “We commend both the buyer and seller for their patience and hard work in getting this deal to the finish line.”