WOODBRIDGE TOWNSHIP, NJ – Gebroe-Hammer Associates has arranged the $25.5 million sale of a class A multifamily portfolio. Comprising 87 luxury apartment home and townhome rental units, the portfolio spans Woodbridge Township, NJ's Avenel, Colonia and Rahway neighborhoods.
Sold by the same, single, unnamed seller, the portfolio was divided and sold in two separate transactions. The two 1031 exchanges involved a five-building package sale and a single property sale.
The portfolio's undisclosed seller was exclusively represented, across both dispositions, by Gebroe-Hammer Associates EVP, Niko Nicolaou. Gebroe-Hammer Associates' SVP, Debbie Pomerantz and executive managing director, David Oropeza, each procured private investors as the portfolio's buyers.
"Marketed as the Metropark Portfolio for its proximity to the transit hub that bears the same name, these buildings presented both buyers with an extremely rare, unique-to-market opportunity to acquire one or more of the six, newly-constructed buildings from the original developer," said Nicolaou.
The larger transaction encompassed 72 units across five buildings and sold for $21.3 million. The transaction's financing was secured by New Jersey-based, Progress Capital partner, Brad Domenico. Comprising two- or three-story, single building complexes, the five multifamily assets feature one- and two-bedroom floorplans. Each property was built between 2013 and 2016. The sale included:
- 27 units at Crystal Place, 1400 Georges Ave., in Woodbridge's Avenel neighborhood. Sold by Crystal Place LLC.
- 20 units at Two Oaks, 475 Avenel Ave., in Woodbridge's Avenel neighborhood. Sold by 2 Oaks LLC.
- 9 units at Piper Avenue Townhomes, 151 Piper Ave., in Woodbridge's Avenel neighborhood. Sold by Piper Place LLC.
- 6 units at Georgetown Townhomes, 1299 St. Georges Ave., in Woodbridge's Colonia neighborhood. Sold by 1299 George LLC.
- 10 units at Brookside Court, 195 W. Scott Ave., in the northernmost neighborhood of Rahway. Sold by 197 W. Scott Ave. LLC.
"These five first-class buildings aligned with the buyer's 1031 exchange needs and had tremendous appeal based on their luxury, style and comfort – all of which resonate now more than ever with tenants and investors alike," said Pomerantz. "Neighborhood amenities also are abundant and include sidewalk dining and takeout restaurants, convenience stores, hardware and auto repair shops and convenient highway and roadway connectivity."
The second, smaller transaction involved the $4.2 million sale of The Boulevard Apartments, located at 345 Edgerton Blvd. in Woodbridge's Avenel neighborhood. The sixth asset is a three-story property, which offers 15 units and features two-bedroom floorplans. The property was sold by 345 Edgerton Blvd. LLC, and the buyer is an unnamed, private investor.
"The buyer was extremely interested in The Boulevard because of its location nestled between small municipalities and walkable 'urbanesque' centers," said Oropeza. "The region's award-winning schools and a highly educated/skilled workforce only serve to fortify an already affluent tenant pipeline that favors class A multifamily product."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
