CBRE announced Thursday that its New Jersey Investment Sales team sold two multifamily properties in Middlesex County totaling $11.3 million. The buyers and the sellers in each of the transactions were new investors to each of the municipalities.
CBRE’s Nat Gambuzza and Trevor Fiebel were responsible for representing the sellers and procuring the buyers in each of the transactions, which included Heritage at Piscataway in Piscataway, and Brookside Village in Jamesburg. They worked in collaboration with Jeffrey Dunne and Gene Pride of CBRE’s Stamford, Conn. office.
“Investors are drawn to Middlesex County apartments due to its increasing population and diverse and growing employment,” said Gambuzza.
“As northern New Jersey becomes further saturated with investors, helping our clients find opportunities in other markets is paramount to their success,” added Fiebel. “We are thrilled to help our clients capitalize on the sales of their assets while also positioning buyers to make the most out of new opportunities.”
Heritage at Piscataway, which is located at 100 Begonia Court, is an income-restricted 55-plus active adult community that consists of 30 one-bedroom apartments and sold for $3.2 million.
Brookside Village, which is located at 28 Lake St. in Jamesburg, is a newly constructed property that consists of 42 apartments. The building, which traded for $8.1 million, has a variety of tenant amenities, including a fitness center, storage units, an outdoor gazebo and ample parking.