By Joshua Burd
A private investor has sold a three-building, 53-unit apartment portfolio near downtown Woodbridge, according to an investment sales team with Marcus & Millichap.
Brokers with the firm say the properties, which traded for an undisclosed price, include 501 and 490 Rahway Ave. and 20 Claire Ave., providing the buyer with a location near the New Jersey Turnpike, the Garden State Parkway and a host of other highways. The Marcus team of Chez Eider and Jonathan Zamora represented the seller and secured the buyer, a limited liability company.
“We ran a wide marketing campaign that attracted nine solid offers and closed at a higher price than the seller’s expectations.” Eider said.
Eider added that the team completed the deal after other brokerage firms had attempted to sell the property, all while navigating an environment of rising interest rates and economic headwinds. The deal closed, he said, thanks in part to strong contract terms that included a significant amount of nonrefundable deposit with minimal and limited due diligence.
“We see our approach to be different than others, with better marketing positioning, and a process to cast a wide net and get maximum exposure for our listings, to attract multiple buyers from a variety of profiles — both locally and out-of-area capital, structuring deals with the strongest terms, and consistently achieving higher prices than others,” Eider said. “We are grateful that we succeeded in delivering this.”
Zamora added that the firm’s platform “allowed us to fetch an out-of-market buyer who understood the value-add potential in the deal.
“The sellers did a lot of capital improvements which immediately paves the way for the buyer as units turn over to capture the upside in the deal,” Zamora said. “We continue to see a lot of urban capital flowing into the suburbs following demographic trends and less rent controlled markets. This deal serves as a great example of how our reach in the marketplace allows us to successfully market a property at a greater price for our sellers as others were unsuccessful.”
The brokerage team also noted that the portfolio is down the street from the NJ Transit’s North Jersey Coast Line and is within blocks of both the Woodbridge Center mall and the municipality’s downtown.
