600 Route 34 in Old Bridge — Courtesy: CBRE
By Joshua Burd
EOM Realty has sold a newly built 36-unit apartment building in Old Bridge for more than $12 million, brokers with CBRE announced Tuesday.
According to the listing team, the property at 600 Route 34 opened in 2023 with a mix of one-, two- and three-bedroom homes. Residents of what’s known as Oak Tree Apartments are within a five-minute drive of the Garden State Parkway, boosting its appeal for prospective investors.
CBRE’s Fahri Ozturk, Richard Gatto and Zach McHale represented the Brooklyn-based seller and procured the buyer, REVL Holdings, in the $12.13 million deal.
“We are proud to facilitate another successful transaction for EOM Realty, a longstanding client of ours for over a decade,” said Ozturk, a senior vice president with CBRE. “Oak Tree Plaza Apartments is a prime example of the developer’s dedication to quality and craftsmanship, featuring the modern finishes and thoughtful design that today’s renters seek.”
Gatto, also a senior vice president, added: “The sale of Oak Tree Plaza Apartments underscores the continued robust demand for high-quality, well-located multifamily assets. Despite evolving market dynamics, strong fundamentals and sustained renter demand are driving investor confidence and fueling long-term growth for multifamily in northern New Jersey.”
CBRE noted that REVL Holdings is a first-time investor in the market.
“From the onset, the buyer established themselves as the right purchaser for this transaction, showing both strong intent and capability throughout the process,” said McHale, a vice president with CBRE. “Their investment strategy aligned with the asset’s long-term growth potential, highlighted by the 19,000 square feet of retail space under construction adjacent to the property. This future amenity base will help with resident attraction/retention and support future rental growth at Oak Tree Plaza Apartments.”
In a news release, CBRE noted that residents of Oak Tree Apartments have easy access to downtown Matawan and operators such as Starbucks, Dunkin’, Jersey Mike’s Subs, Lightbridge Academy and Walgreens, among many others. Additionally, residents are a short drive from NJ Transit’s Aberdeen-Matawan station.
