Queens Gate at 675 Tea St. in Bound Brook — Courtesy: HFF
By Joshua Burd
The owner of a three-building, 144-unit apartment complex in Somerset County is seeking a buyer for the market-rate property.
Brokers with HFF are touting the community, located at 675 Tea St. in Bound Brook, as a recently built multifamily property in an affluent, employment-rich section of the state. Known as Queens Gate, the complex was more than 92 percent leased as of April and benefits from a location near Route 22 and Interstate 287.
The property was built in 2014 and renovated in 2016, HFF said, noting that rents are nearly 15 percent below those of comparable properties within a five-mile radius.
“Queens Gate is a best-in-class multi-housing asset whose location is well positioned to take advantage of the submarket’s steadily increasing market rents and low vacancy rates,” HFF wrote in its offering materials. “The property has superior appeal as a newer luxury multi-housing community with unmatched unit sizes and market-leading features.”
Projected pricing for the complex is around $55 million.
Unit sizes at Queens Gate average 1,477 square feet with high-end finishes, while each building includes four stories over one level of covered parking. HFF said the nearly nine-acre property also includes a clubhouse and is minutes from more than 1.4 million square feet of retail offerings, including ShopRite, Whole Foods and Home Depot.
The HFF team that is marketing the property includes Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver, Jordan Avanzato and Michael Kavanagh. Matthew Pizzolato is heading the financing effort.