Carpenter Terrace Apartments on Carpenter Street in Belleville — Courtesy: CBRE
By Joshua Burd
An investor has sold a five-building, 28-unit apartment complex in Belleville for nearly $4 million, in the largest of three newly announced transactions by CBRE.
The brokerage team said the property, Carpenter Terrace Apartments is a mix of one- and two-bedroom homes on Carpenter Street. The complex changed hands for nearly $140,000 per unit.
CBRE’s Jeremy Wernick, Charles Berger and Elli Klapper brokered the sale as well as the trades of 1499 Oak Tree Road in Woodbridge and 43 Cottage St. in South Orange, according to a news release. The properties sold for $289,500 and $158,695 per unit, respectively.
“The South Orange and Belleville properties were both previously marketed by other firms who were unable to successfully close for our clients,” Berger said. “CBRE got involved and took advantage of our national platform and our full-service expertise in order to produce multiple offers from aggressive out-of-town buyers, thus pushing pricing and maximizing value for our clients.”
The brokerage team represented the seller, a private investor, in each transaction, while noting that the buyers were interested in entering the local markets and expanding their New Jersey portfolios. The firm in particular highlighted the high price per unit achieved in South Orange as a sign of continued demand for Garden State apartments.
The Woodbridge and South Orange properties are both within walking distance of NJ Transit rail service.
“The completion of the transactions in Belleville and Woodbridge are two more examples of properties with stable tenant bases and great accessibility to transportation that received numerous offers, thus pushing up pricing,” Wernick said. “The Woodbridge seller owned the property for over 35 years and the Belleville seller is a client with whom we have collaborated with on multiple transactions.”
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