444 Lincoln Hwy. in the Iselin section of Woodbridge — Courtesy: Cushman & Wakefield
By Joshua Burd
A seven-building, 135-unit apartment portfolio in Central New Jersey is on the market, Cushman & Wakefield announced, touting the potential for continued rent growth in properties that are less than five years old.
A capital markets team from C&W is representing the seller of the portfolio, which is 98 percent leased and also includes a fully approved, 39-unit development site. The properties span three sections of Woodbridge and the neighboring city of Rahway, including:
- 444 Lincoln Hwy. in Iselin, which is within walking distance of the Metropark train station;
- 1400 St. George Ave., 475 Avenel St., 345 Edgerton Blvd. and 151 Piper Ave. in Avenel, along with a development site adjacent to the Edgerton Blvd. property;
- 1299 St. George Ave. in Colonia;
- 195 West Scott Ave. in Rahway
All of the properties were developed within the past five years, C&W said, also highlighting Middlesex County’s average household income of over $109,000, a population exceeding 845,000, a strong corporate presence and educational and health care facilities. Andy Schwartz, who is heading the assignment with Brian Whitmer, Mark Phillips and other members of the firm’s New Jersey capital markets practice, also pointed to the 6 percent multifamily vacancy rate in Woodbridge.
Meantime, rents in the market are projected to grow more than 13 percent in the next five years, Schwartz said.
“In short, this is a highly attractive opportunity for any investor looking to gain or grow a foothold in a thriving multifamily market,” he said, later adding:
“The builder placed a great amount of thought and pride into the construction of these buildings, which has been instrumental in their rapid and sustained high occupancy,” said Schwartz, an investment sales specialist. “Because these assets are virtually new and so well constructed, there is no deferred maintenance. Additionally, their proximity to one another — all within a five- or 10-minute drive of one another — enables highly efficient management.”
The properties feature contemporary designs and high-end materials, interiors and appliances. C&W said the team will consider offers with or without the development site in Avenel.