JLL Capital Markets arranged the sale of a 55-plus multi-housing community in Monmouth County for $29.9 million.
The firm said Nov. 28 it represented the seller – a joint venture of New York-based companies GRJ LLC and Castellan Real Estate Partners – in the sale of Royal Pines at Marlboro to F.M. Ferrari Investments of West Orange.
Comprised of one- and two-bedroom units that average 859 square feet, the 89-unit property is located at 362 U.S. Route 9 in Englishtown. Built in 2008, JLL said the property is currently undergoing renovations to all units.
A closer look
Apartments at Royal Pines feature: stainless steel appliances, wood floors throughout, oversized walk-in closets, in-unit washers and dryers and private patios/balconies.
Community amenities include: elevators, after-hours security, video-monitored entrances, outdoor grills, a community room, game room, gym with spa-like locker room, yoga studio, business center and library.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Managing Directors Michael Oliver and Steve Simonelli, Senior Managing Director and New Jersey Office Co-Head Jose Cruz, Director J.B. Bruno and Associate Michael Zlotnick.
“We continue to see incredible demand from capital sources for multi-housing product in Monmouth County,” Oliver said in a statement. “The area has strengthening fundamentals while it is completely underserved for rental housing.”
Situated on Route 9, Royal Pines is located near retail centers and stores including Whole Foods, ShopRite and Home Depot, in addition to the entrance to Route 18, offering access to and from major roadways like the Garden State Parkway and Interstates 95 and 287. There is also a NJ Transit bus route stop within walking distance, providing public transportation to Manhattan.
According to JLL, the average household income within a 3-mile radius is $175,331. Currently at 17,584 residents the 55-plus population in the area is also growing.
Though the property is age restricted to residents 55 and above, 20% can be 35 or older, JLL said.
In 2014, Royal Pines sold for $17.65 million. When the sale was announced, it was touted as the largest multifamily property sale in Monmouth County since 2012.