Washington Park Apartments, located at 1940 Lincoln Hwy. in Edison — Courtesy: CBRE
By Joshua Burd
An apartment complex in Edison that attracted more than 20 offers has changed hands for $6.2 million, according to brokers with CBRE who marketed the property.
The brokerage team said the 52-unit complex, sitting at 1940 Lincoln Hwy., is fully occupied and is likely to be a value-add opportunity for its new owner. Rents were about 45 percent below market rate at the time of the sale.
CBRE Senior Vice President Nat Gambuzza and Associate Spencer Beriont represented the seller, Joseph’s Wish LLC, and procured the purchaser of the property known as Washington Park Apartments.
“This is a well-situated property — in proximity to public transportation, shopping and educational facilities — with rents running much lower than the market is capable of handling,” Gambuzza said. “We expect the new landlord to undertake renovations in order to start capturing the untapped upside in rental revenue.”
