Northwood Estates Apartments at 500 Adams Lane in North Brunswick — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
The longtime owner of a 253-unit garden apartment complex in North Brunswick has sold the property for nearly $64 million, in a deal arranged by Gebroe-Hammer Associates.
According to the brokerage team, a private client inked the sale of Northwood Estates Apartments as the first leg of a Section 1031 like-kind exchange. An undisclosed buyer purchased the property at 500 Adams Lane, which was built in 1974 and consists of 21 buildings, all with two-bedroom layouts.
Gebroe-Hammer Executive Vice President David Jarvis completed the off-market, $63.5 million deal alongside Executive Managing Director Joseph Brecher.
“Northwood Estates is centrally situated along the township’s South Brunswick boundary in one of the most desirable upper-income neighborhoods where housing demand is very tight, as characterized by its nationally low vacancy rate,” Jarvis said. “In addition to its inherent untapped potential, Northwood Estates’ all two-bedroom floorplans have tremendous appeal among the area’s highly educated workforce of executives, physicians, lawyers and PhDs who call this neighborhood home.”
Sitting on about 24 acres, Northwood Estates is less than four miles from Rutgers University and just off Route 130. It’s also minutes from Route 1 and the New Jersey Turnpike, providing access to Manhattan, Philadelphia, Princeton and Trenton, and a short ride from other anchor institutions and corporate employers in New Brunswick.
Gebroe-Hammer, meantime, noted that apartments at the complex range from 1086 to 1199 square feet with private balconies, hardwood floors, in-unit washers and dryers and kitchens with dishwashers.
“Thanks to its southwest Middlesex County submarket positioning, Northwood Estates offers excellent accessibility to all this major residential, employment and retail hub has to offer,” Brecher said. “It has emerged as the heart of New Jersey where numerous Fortune 500 companies tap into a highly talented and educated labor pool and a vast transportation infrastructure.”