Madison Apartments at 255 Main St. in Madison — Courtesy: Berkadia
By Joshua Burd
An investor has acquired a 34-unit, garden-style apartment building in Madison for nearly $12 million, in a newly announced deal by Berkadia.
According to the brokerage team, the sale of Madison Apartments at 255 Main St. closed earlier this month after a process that attracted a sizable group of prospective buyers. The winning bidder, listed as 255 Main Madison LLC, paid $11.65 million in the deal with Madison Associates.
Berkadia Senior Managing Director Nat Gambuzza, senior directors Spencer Beriont and Trevor Fiebel and Associate Director Nick Balancia of the firm’s Morristown office represented the seller, noting that the price equates to $342,647 per unit.
“Properties that come to market in top tier towns like Madison always warrant overwhelming demand,” Gambuzza said. “This particular property not only had the desirable address, but a great story of a well-maintained and cared for building, with true pride of ownership, that has been held for over three decades.
“The complex was built in 1960, but had extensive capital improvements in recent years, ownership including new roofs, gutters, leaders, boilers and repaved driveways, making it a rare find in the market.”
Berkadia added that renters at Madison Apartments have easy access to the borough’s dining and nightlife options, multiple shopping centers, academic institutions and hospitals.
“The buyer pool was very crowded on this transaction,” Beriont said. “Ultimately a buyer was chosen based not only on price, but very aggressive terms. The purchaser, who is new to the product type and vintage, closed on the transaction in less than 30 days from contract execution.”
