Gebroe-Hammer Associates arranged the $9.72 million, off-market sale of a three-property Middlesex County multifamily portfolio. The firm brokered the 53-unit transaction on behalf of the unnamed seller and procured the buyer, Golden Sky Equities, a longtime client.
Joseph Brecher, executive managing director, and Joseph Gehler, vice president, spearheaded the Gebroe-Hammer brokerage team.
Collectively comprised of studio (two units), one-bedroom (25 units), two-bedroom (27 units) and three-bedroom (two units) floorplans, some of which include townhome-style layouts, the properties are well positioned in the eastern and northwest sections of Middlesex County. They include Byron Street Apartments, 7-11 Byron St., Carteret (18 units); Townhomes at Veterans Park, 154-172 MacArthur Ave., Sayreville (20 units); and the Apartments at Edison Station, 355 Plainfield Ave., Edison (18 units).
“As the second-most-populous county in the state of New Jersey, Middlesex is the state’s core corridor for residential, commercial and employment hubs with a transportation infrastructure that extends well into Philadelphia and New York City,” Gehler said. “The submarket has experienced sustained tight conditions, setting the stage for enduring investment demand of early-to-late-20th-century-era product experiencing a second and third act that is benefiting from new market deliveries.”
Each of the portfolio properties offers a full slate of features and amenities. These include hardwood, ceramic tile and/or luxury vinyl flooring; stainless-steel appliances; on-premises lot and/or garage parking; and on-site laundry centers and in-unit washers/dryers.
Middlesex County, which is home to three universities, has several major award-winning health care organizations, pharmaceutical giants and a highly skilled labor pool. The latter includes a high concentration of chemists, biochemists, biophysicists, biomedical engineers, computer science professionals, data analysts and cybersecurity engineers.
“Central New Jersey in general and Middlesex County specifically is a melting pot for a highly educated-professional tenant base seeking to live in close proximity to incubators, labs and groundbreaking test centers,” Brecher said. “Because of the presence of this demographic, the tenant-demand pipeline for apartments has been and continues to be robust. As a result, multifamily acquisition opportunities for properties like Byron Street Apartments, Townhomes at Veterans Park and the Apartments at Edison Station in Edison are relatively rare.”
