Ashton Arms Apartment Complex at 526 East Second St. in Bound Brook — Courtesy: CBRE
By Joshua Burd
Two central New Jersey apartment properties have changed hands for a combined $4.8 million, in a set of newly announced transactions by CBRE.
The larger asset, Ashton Arms Apartment Complex, is a 20-unit property at 526 East Second St. in Bound Brook. An undisclosed buyer purchased the complex for $3.1 million, which CBRE described as one of the highest prices per unit on record for a multifamily sale in the borough.
“During these truly unprecedented times in the commercial real estate industry, our team was able to secure an exceptional price per unit in the sale of Ashton Arms,” said Charles Berger, a member of CBRE’s tristate investment properties team. “The new ownership will be able to take advantage of a stable property with tremendous value-add opportunity, and rents that are significantly below market in an area that is seeing continued improvement and development.”
Berger represented the seller alongside Elli Klapper and Jeremy Wernick. The team also brokered the $1.7 million sale of Willow & Laurel, a 12-unit garden-style apartment complex at 708-718 Laurel Place and 681-691 Willow Ave. in North Brunswick.
“After multiple brokerage firms attempted to market and sell Willow & Laurel, we were able to use our vast experience in the Middlesex County multifamily market and nationwide investor contacts to procure the buyer,” Wernick said. “The apartment complex is ideally situated in the heart of North Brunswick — an area undergoing a major revitalization — and provided a phenomenal value-add opportunity for the new ownership.”
In a news release, CBRE noted that Ashton Arms is two blocks from NJ Transit’s Bound Brook station and the borough’s downtown shopping and entertainment district. Meantime, the North Brunswick property sits in one of the township’s most heavily populated and stable residential neighborhoods.
