East Gate Apartments at 555 East High St. in Bound Brook — Courtesy: Berkadia
By Joshua Burd
The longtime owner of a 30-unit garden apartment complex in Bound Brook has sold the property for nearly $5 million, in a recent deal by Berkadia’s New Jersey team.
Brokers Nat Gambuzza and Trevor Fiebel represented the seller in the deal at 555 East High St., the site of what’s known as East Gate Apartments. They also procured the undisclosed buyer, which paid $4.85 million for the property for a capitalization rate of 4.75 percent and was marking its first transaction in Bound Brook.
Based in Berkadia’s Morristown office, the brokers added that the property dates to the 1960s and was held by long-term ownership. The four-building complex has on-site parking, central utilities and a revenue-generating laundry facility.
