Gebroe-Hammer Associates announced on Thursday it has arranged the $25.5 million sale of a Class A multifamily portfolio spanning Woodbridge Township’s Avenel and Colonia neighborhoods.
The portfolio, which was broken down into two separate trades, consisted of 87 luxury apartment and townhome rental units.
Niko Nicolaou, executive vice president at Gebroe-Hammer, represented the seller in both deals. Debbie Pomerantz, senior vice president, and David Oropeza, executive managing director, procured the buyers of the five-building package and the single-property sale, respectively.
“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,” Nicolaou said. “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.”
The larger sale included 72 units sold for $21.3 million. Brad Domenico, a partner at Tinton Falls-based Progress Capital, secured financing for the deal.
The portfolio included:
- 27 units at Crystal Place, 1400 St. Georges Ave., Avenel;
- 20 units at Two Oaks, 475 Avenel Ave., Avenel;
- 9 units at Piper Avenue Townhomes, 151 Piper Ave., Avenel;
- 6 units at Georgetown Townhomes, 1299 St. Georges Ave., Colonia;
- 10 units at Brookside Court, 195 West Scott Ave., Rahway.
“These five first-class buildings aligned with the buyer’s 1031 Exchange needs and had tremendous appeal based on their luxury, style and comfort – all of which resonate now more than ever with tenants and investors alike,” Pomerantz said. “Neighborhood amenities also are abundant and include sidewalk dining and takeout restaurants, convenience stores, hardware and auto repair shops and convenient highway and roadway connectivity.”
The second sale included The Boulevard Apartments, which sold for $4.2 million. The three-story property is located at 345 Edgerton Blvd. in Avenel and offers 15 units.
“The buyer was extremely interested in The Boulevard because of its location nestled between small municipalities and walkable ‘urbanesque’ centers,” Oropeza said. “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.”