Brentwood Park at 850 Hamilton St. in Somerset — Courtesy: Hudson Atlantic
By Joshua Burd
A private investor has acquired a new 77-unit luxury apartment building in the Somerset section of Franklin for more than $24 million, in a newly announced deal by Hudson Atlantic.
The brokerage team represented both parties in the transaction at 850 Hamilton St., also known as Brentwood Park, noting that the property also includes four retail spaces. That helped elicit what the firm described as “significant investor interest,” while also citing its upscale design and a location that is a half-mile from Route 27.
Adam Zweibel brokered the $24.2 million deal, which sold at a 5.75 percent capitalization rate, touting the newly delivered building as a more affordable alternative to the growth and accelerating demand for housing in the New Brunswick market.
“This transaction underscores the strong demand for well-located, high-quality multifamily assets in suburban markets like Somerset,” said Zweibel, Hudson Atlantic’s president. “We are proud to have facilitated this landmark deal for both the seller and buyer in a challenging capital market environment.”
