Marc Hampton Apartments at 171 Matawan Ave. in Matawan — Courtesy: Berkadia
By Joshua Burd
Pentaurus Properties has added to its New Jersey multifamily portfolio with its purchase of a 124-unit garden apartment complex in Matawan.
According to Berkadia, which completed the deal alongside brokers with Colliers, the property known as Marc Hampton Apartments sold for an undisclosed price after being owned by the original developer’s family since its construction in the 1960s. That provided compelling upside for the buyer, a New Jersey family office, in the transaction at 171 Matawan Ave.
Berkadia Senior Managing Director Nat Gambuzza and Senior Director Trevor Fiebel represented the buyer. Colliers’ Joseph Garibaldi, Thomas Walsh and Nick Vanderslice represented the seller.
“Value-add, garden apartment communities are the most sought-after product in our space,” Gambuzza said. “This type of product, with good bones and an ability to modernize to today’s standards, will remain the area where investors seek to place capital.”
In a news release, Berkadia noted that the 11-building property has a mix of one- and two-bedroom layouts with semi-private entrances. The 10-acre parcel also includes 151 surface parking and 21 income-generating garages, along with a revenue-generating common laundry facility.
“Attracted by the potential to add scale, Pentaurus Properties saw an opportunity to reposition this property through a comprehensive renovation plan,” Fiebel said. “They intend to renovate the units, enhance curb appeal and restore amenities including the pool and clubhouse, which have been closed for decades.”
