CBRE announced the sale of Oak Tree Plaza Apartments, a 36-unit newly constructed, Class A residential property located at 600 Route 34 in Old Bridge. The asset was acquired by REVL Holdings, a first-time buyer in the market for $12.13 million.
The CBRE team of Fahri Ozturk, Richard Gatto and Zach McHale spearheaded the marketing campaign for the property and represented the seller, EOM Realty, a New York City-based developer, in the negotiations. CBRE also procured the buyer.
“We are proud to facilitate another successful transaction for EOM Realty, a long-standing client of ours for over a decade,” said Ozturk, senior vice president. “Oak Tree Plaza Apartments is a prime example of the developer’s dedication to quality and craftsmanship, featuring the modern finishes and thoughtful design that today’s renters seek.”
“The sale of Oak Tree Plaza Apartments underscores the continued robust demand for high-quality, well-located multifamily assets,” said Gatto, senior vice president. “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.”
“From the onset, the buyer established themselves as the right purchaser for this transaction, showing both strong intent and capability throughout the process,” said McHale, vice president. “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.”
Built in 2023, Oak Tree Apartments is located within a five-minute drive from Exit 120 of the Garden State Parkway in Old Bridge. The property is comprised of 16 one-bedroom apartments, 17 two-bedrooms and three three-bedrooms varying in size from 702 to 1,184 square feet. The homes feature high-end finishes including a Samsung stainless-steel appliance package, subway tile backsplashes, in-unit washer/dryers, expansive walk-in closets and private balconies.
Residents enjoy convenient access to Downtown Matawan, which offers a variety of lifestyle amenities and regionally owned retailers and restaurants. The property also offers convenient access to the Aberdeen-Matawan NJ Transit train station just six minutes away, providing service to New York Penn Station in under an hour.
