Royal Pines at Marlboro at 362 Route 9 in Marlboro — Courtesy: JLL
By Joshua Burd
A joint venture has sold an 89-unit, age-restricted apartment complex in Monmouth County for nearly $30 million, in a newly announced deal by JLL.
Brokers with the firm represented the seller, a partnership of GRJ and Castellan Real Estate Partners, in the transaction at 362 Route 9. F.M. Ferrari Investments purchased what’s known as Royal Pines at Marlboro, a collection of one- and two-bedroom units averaging 859 square feet and restricted to residents age 55 and older, although 20 percent can be as young as 35.
JLL’s Michael Oliver, Jose Cruz, J.B. Bruno, Steve Simonelli and Michael Zlotnick led the team that brokered the $29.9 million sale.
“We continue to see incredible demand from capital sources for multi-housing product in Monmouth County,” Oliver said. “The area has strengthening fundamentals while it is completely underserved for rental housing.”
Apartments at Royal Pines have high-end interiors, appliances and finishes, while the property has amenities such as outdoor grills, a community room, a game room, a gym with a spa-like locker room, a yoga studio, a business center and a library, JLL said. The property was built in 2008 and is currently undergoing renovations to all units.
The brokerage team also touted the site’s proximity to retail options such as Whole Foods, ShopRite and Home Depot, along with its easy access to Route 18 and other highways. Within walking distance is NJ Transit bus service to New York City.
