Washington Park Apartments in Edison — Courtesy: CBRE
By Joshua Burd
The longtime owners of a garden apartment complex in Edison have tapped CBRE to sell the 52-unit property, which the brokerage touts as a value-add opportunity in one of the state’s largest towns.
CBRE’s New Jersey Multifamily Investment Properties team is the exclusive agent to sell Washington Park Apartments, which sits at 1940 Lincoln Hwy. in the town of about 100,000. The firm said that, despite recent evaluations revealing the property operates 45 percent below current market rents, the two-building complex has had positive cash flow for four generations.
Nat Gambuzza, first vice president with CBRE, along with five team members, will spearhead the marketing and sale of the asset. The firm said the property has only two vacant units.
“This asset presents a rare opportunity for a value-add investor, seeking to take advantage of a property, to enter the booming Edison submarket of Middlesex County,” Gambuzza said in a prepared statement. “Additionally, the buyer will benefit from the in-place cash flow and the property’s ability to capture a 45 percent upside in rents, caused by an absentee owner and third-party management in place for more than 20 years.”
Washington Park Apartments includes 24 one-bedroom apartments with dinettes, 16 large one-bedroom apartments and 12 junior one-bedroom apartments. CBRE said the site has “perfectly maintained grounds despite an absentee owner” and ample parking, with proximity to two train stations, major highways and Rutgers University.
