Briar Knoll, a 53-unit apartment property in Toms River, was sold at a cap rate of 4.32% in a deal arranged and financed by Marcus & Millichap.
The property includes 32 one-bedroom, one-bathroom units; 11 one-bedroom, two-bathroom units; and 10 two-bedroom, two-bathroom units. Located off Route 166, Briar Knoll tenants have access to Indian Head Shopping Plaza, which is anchored by a Home Depot. Two other shopping centers and a variety of professional services are available within a one mile radius.
Chez Eider, senior associate of investment sales in Marcus & Millichap’s New Jersey office, and Andrew Townsend, vice president of investments in the firm’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, Pine View Equity Group LLC. The team also secured and represented the buyer, Naftali Berliner. James Conley and Neil Campbell of Marcus & Millichap Capital Corp. arranged financing for the buyer.
“The seller exited just two years after acquiring the property, taking advantage of the high demand for multifamily investment properties. According to Aron Kirschenbaum, a principal with Pine View Equity Group, they achieved their business plan three years ahead of schedule, exceeding their investors’ expectations,” Eider said in a Dec. 16 statement. “This was a result of Pineview Equity Group’s skillful operating approach, low interest rates, and the insatiable demand for multifamily properties – one of the strongest asset classes.”
In recent weeks, Marcus & Millichap has recorded sales in Monmouth, Somerset and Essex counties. Founded in 1971, the firm closed 8,954 transactions in 2020 valued at about $43 billion.