The Ridge at 215 East Second St. in Bound Brook — Courtesy: Veerman Asset Management
By Joshua Burd
A developer has sold a three-year-old, 34-unit apartment building in Bound Brook for nearly $11 million, in a deal arranged by Veerman Asset Management.
In a news release, the brokerage team said it represented an undisclosed seller in the trade at 215 East Second St. A private investor paid roughly $10.84 million for the property, or $318,750 per unit, to complete a Section 1031 like-kind exchange.
“The location of this asset combined with its high-end quality of construction were what drove the demand for this property,” said Manveer Sanghera, CEO of Veerman Asset Management. “The developers who constructed the property spared no expense, and the attention to detail helped them sell the property in a very volatile market.”
Known as The Ridge, the building is a block from the Bound Brook train station and is part of a growing stock of luxury apartments that has attracted other developers and investors in recent years. It also has 21 surface parking spaces, Veerman said, while 33 of the 34 units have one-bedroom floorplans.
Additionally, the sale is the 10th that VAM has completed since early last year of a property built after 2010.
“We have done a great job researching the local market and showing the rental market’s potential upside in the short and long term,” Sanghera said. “As we continue through this record-high inflationary period, investors are able to capture rental market upside without the need for major unit renovations.”
