A new collection of luxury rental apartments on the border of Old Bridge and Matawan sold for $12.13 million.

CBRE announced the sale of Oak Tree Plaza Apartments located at 600 Route 34 to REVL Holdings Aug. 5.

The commercial real estate services and investment firm led the marketing campaign for the 36-unit property, represented seller and New York City-based developer EOM Realty in the transaction, as well as procured the buyer. The deal marks REVL Holdings’ entrance to the market, according to CBRE.

The CBRE team of Senior Vice Presidents Fahri Ozturk and Richard Gatto and Vice President Zach McHale oversaw the transaction. Ozturk noted EOM Realty is a long-standing client, with a relationship spanning more than a decade.

Built in 2023, the new development is a five-minute drive from Exit 120 of the Garden State Parkway. It features 16 one-bedroom, 17 two-bedroom and three three-bedroom units ranging in size from 702 square feet to 1,184 square feet. Residences feature high-end finishes, CBRE said, such as Samsung stainless steel appliances, subway tile backsplashes, in-unit washer and dryers, expansive walk-in closets and private balconies.

“The sale of Oak Tree Plaza Apartments underscores the continued robust demand for high-quality, well-located multifamily assets,” noted Gatto. “Despite evolving market dynamics, strong fundamentals and sustained renter demand are driving investor confidence and fueling long-term growth for multifamily in northern New Jersey.”

CBRE said the property was nearly 100% occupied at the time of sale.

According to Rent.com, the average rent for a one-bedroom unit in Old Bridge is up 2% year over year (to $2,000). Zillow Rentals, meanwhile, characterizes the local market activity as “warm.”

In addition to nearby access to downtown Matawan, the Aberdeen-Matawan train station is a six-minute drive away.

Area amenities

Even closer, McHale noted the rising retail complex adjacent to Oak Tree Plaza Apartments. “From the onset, the buyer established themselves as the right purchaser for this transaction, showing both strong intent and capability throughout the process,” he said. “Their investment strategy aligned with the asset’s long-term growth potential, highlighted by the 19,000 square feet of retail space under construction adjacent to the property.”

“This future amenity base will help with resident attraction/retention and support future rental growth at Oak Tree Plaza Apartments.”

Located at 540 Route 34, the Centerstone Property Group-owned site Oak Tree Plaza will offer Class A retail space across two new buildings. The Kislak Co. Inc. marketed and arranged the sale of that property for $2.6 million on behalf of EOM 538 R 34 LLC in 2024.