FLORHAM PARK, NJ—The Harrison, a 316-unit, 20-story apartment property in Franklin Township, NJ, has traded hands for $54 million.
Holliday Fenoglio Fowler marketed the property exclusively on behalf of the seller. Neither the seller nor the buyer were identified. The buyer purchased the asset free and clear of existing debt, HFF says.
The Harrison, at 575 Easton Avenue, is less than one mile from Rutgers University and downtown New Brunswick. Originally built by the seller in 1974 and most recently renovated in 2015, the 11.4-acre property offers views of the Raritan River, Rutgers Stadium and downtown New Brunswick, and is accessible to major highways, including Interstates 95 and 287 and Routes 18 and 1.
The Harrison has 38 studio, 178 one-bedroom and 100 two-bedroom units featuring hardwood floors, individually controlled heating and cooling, and balconies. Various unit renovations have occurred throughout the past eight years, with the buyer planning to continue further upgrades. The property's amenity package includes a newly-renovated clubhouse, outdoor pool, parking garage, playground, dog park, fitness center and 2-in-1 basketball/tennis court. The 95-percent-leased property also features 24/7 concierge service.
The HFF investment sales team representing the seller was led by senior managing director José Cruz, managing director Kevin O'Hearn, directors Stephen Simonelli and Michael Oliver and associate director Marc Duval.
“This transaction reflects the strong demand for quality buildings with upside through unit renovations,” says O'Hearn. “The seller built a great asset, which is now going to be further upgraded to compete with some of the new supply in downtown New Brunswick.”
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
FLORHAM PARK, NJ—The Harrison, a 316-unit, 20-story apartment property in Franklin Township, NJ, has traded hands for $54 million.
Holliday Fenoglio Fowler marketed the property exclusively on behalf of the seller. Neither the seller nor the buyer were identified. The buyer purchased the asset free and clear of existing debt, HFF says.
The Harrison, at 575 Easton Avenue, is less than one mile from Rutgers University and downtown New Brunswick. Originally built by the seller in 1974 and most recently renovated in 2015, the 11.4-acre property offers views of the Raritan River, Rutgers Stadium and downtown New Brunswick, and is accessible to major highways, including Interstates 95 and 287 and Routes 18 and 1.
The Harrison has 38 studio, 178 one-bedroom and 100 two-bedroom units featuring hardwood floors, individually controlled heating and cooling, and balconies. Various unit renovations have occurred throughout the past eight years, with the buyer planning to continue further upgrades. The property's amenity package includes a newly-renovated clubhouse, outdoor pool, parking garage, playground, dog park, fitness center and 2-in-1 basketball/tennis court. The 95-percent-leased property also features 24/7 concierge service.
The HFF investment sales team representing the seller was led by senior managing director José Cruz, managing director Kevin O'Hearn, directors Stephen Simonelli and Michael Oliver and associate director Marc Duval.
“This transaction reflects the strong demand for quality buildings with upside through unit renovations,” says O'Hearn. “The seller built a great asset, which is now going to be further upgraded to compete with some of the new supply in downtown New Brunswick.”
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
