Crestview Apartments at 971 Route 9 in Sayreville — Courtesy: JLL
By Joshua Burd
A multifamily owner has tapped JLL to sell a two-property, 271-unit portfolio in Sayreville and Paterson that the listing team says offers “immense” upside through ongoing renovations.
The Sayreville asset, located at 971 Route 9, is a 171-unit complex that was built in 1956 and has enjoyed stable, generational ownership, the brokers said. The same is true for the 100-unit Paterson property, at 41-125 Granite Ave., which opened in 1965.
JLL said both are about 99 percent occupied but have value-add upside for an investor that continues “an already-proven renovation program.” Both the Crestview Apartments in Sayreville and Valley View Apartments in Paterson also benefit from strong highway access and are minutes from the Garden State Parkway in their respective locations.
The firm’s Jose Cruz, Mike Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce lead the marketing team with support from debt brokers Thomas E. Didio Jr. and Gerard Quinn. They noted that the complexes have average unit sizes of 730 and 797 square feet, respectively, across their collections of one- and two-bedroom homes.
The Sayreville location also has 200 surface parking spaces, while Paterson has 150, JLL said. And the firm also pointed to “significant other income potential” from parking, storage, utility reimbursements and pet fees.
