Livingston-based Gebroe-Hammer Associates said Thursday it arranged the $25.5 million sale of a Class-A multifamily portfolio involving 87 luxury apartment-home and townhome rental units, the majority of which are concentrated in Woodbridge Township’s Avenel and Colonia neigborhoods.
Broken out into two separate trades, the single unnamed seller was exclusively represented by Executive Vice President Niko Nicolaou in both transactions. Senior Vice President Debbie Pomerantz and Executive Managing Director David Oropeza procured the buyers of a five-building package and a single property sale, respectively, as part of two separate 1031 Exchanges.
The undisclosed buyers are both private investors.
“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. “This well-connected transit and active telecommuter-friendly corridor has been and will continue to be favored by a fundamentally stable tenant base of executives, managers and professionals employed by nearby Fortune 500 companies and in the health, science and math fields.”
Of the two sales, the larger involved 72 units sold for $21.3 million. Financing in the transaction was secured by Tinton Falls-based Progress Capital Partner Brad Domenico.
In the second transaction, which involved the sixth property, The Boulevard Apartments sold for $4.2 million. Located at 345 Edgerton Blvd., and centrally situated in the Avenel section of Woodbridge, the three-story property features 15 units. The seller was 345 Edgerton Boulevard 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.”