CBRE said Friday that it assisted in facilitating three separate transactions of multifamily properties, totaling 62 units in northern New Jersey, which sold for a combined $10.62 million.
The firm arranged the sale of 5-22 Carpenter Terrace in Belleville, 1499 Oak Tree Road in Woodbridge and 43 Cottage St. in South Orange. The South Orange and Woodbridge properties sold for $289,500/unit and $158,695/unit, respectively, and the Belleville property sold for almost $140,000/unit, all further highlighting the strength of the multifamily market in New Jersey.
The CBRE Investment Properties team of Jeremy Wernick, Charles Berger and Elli Klapper spearheaded the marketing of the properties and represented the sellers, all private investors, in each transaction. The team also procured the buyers, who were interested in entering those local markets and expanding their New Jersey portfolios.
“The South Orange and Belleville properties were both previously marketed by other firms who were unable to successfully close for our clients. CBRE got involved and took advantage of our national platform and our full-service expertise in order to produce multiple offers from aggressive out-of-town buyers, thus pushing pricing and maximizing value for our clients,” Berger noted.
New Jersey is experiencing a strong and competitive multifamily market with tremendous interest from investors seeking more flexible residential guidelines, particularly from out-of-state buyers who are facing more restrictive regulations.
“The completion of the transactions in Belleville and Woodbridge are two more examples of properties with stable tenant bases and great accessibility to transportation that received numerous offers, thus pushing up pricing,” said Wernick. “The Woodbridge seller owned the property for over 35 years and the Belleville seller is a client with whom we have collaborated with on multiple transactions.”
The Carpenter Terrace Apartments are comprised of 28 multifamily units. The complex features 22 one-bedroom homes and six two-bedroom units in five buildings within a densely populated and stable residential neighborhood.
The property at 1499 Oak Tree Road is a 23-unit, garden-style apartment building in the Woodbridge area. The property consists of 11 one-bedroom apartments and 12 studios. It is also within walking distance to New Jersey Transit’s Metropark Station.
43 Cottage St. is an 11-unit apartment building that boasts a high walkability score due to its proximity to the NJ Transit South Orange Train Station and Seton Hall University. The property is only 30 minutes from New York City via the Garden State Parkway, Interstate 280 and Interstate 78.