A pair of multifamily properties in Central Jersey have sold, according to real estate firm CBRE.
Ashton Arms Apartment Complex in Bound Brook sold for $3.1 million, while Willow & Laurel in North Brunswick sold for $1.7 million, the firm said in a news release.
The CBRE Tri-State Investment Properties team of Charles Berger, Elli Klapper and Jeremy Wernick represented the sellers and procured the buyers in both deals. The parties were not disclosed.
Ashton Arms, at 526 E. 2nd St., is a 20-unit, garden-style complex with 16 one-bedroom units and four two-bedroom ones. The Ashton Arms deal represents one of the highest prices per unit on record for a multifamily property in Bound Brook, the firm said.
“During these truly unprecedented times in the commercial real estate industry, our team was able to secure an exceptional price per unit in the sale of Ashton Arms,” Berger said in a prepared statement. “The new ownership will be able to take advantage of a stable property with tremendous value-add opportunity, and rents that are significantly below market in an area that is seeing continued improvement and development.”
Willow & Laurel, at 708-718 Laurel Place and 681-691 Willow Ave., is a 12-unit complex made up of two-bedroom duplex homes.
“After multiple brokerage firms attempted to market and sell Willow & Laurel, we were able to use our vast experience in the Middlesex County multifamily market and nationwide investor contacts to procure the buyer,” Wernick said in a statement. “The apartment complex is ideally situated in the heart of North Brunswick — an area undergoing a major revitalization — and provided a phenomenal value-add opportunity for the new ownership.”