Bristol Station at Carteret — Courtesy: HFF
By Joshua Burd
Brokers with HFF are seeking a buyer for a 288-unit apartment complex in Carteret, touting the property’s below-market rents and the opportunity for value-add upgrades.
The complex, Bristol Station at Carteret, is located at 90 Bristol Station Court in Carteret and less than a mile from Exit 12 of the New Jersey Turnpike. Built in phases between 2006 and 2009, the property is spread across six four-story buildings within what HFF says is the borough’s only gated community, with a 3,034-square-foot clubhouse and amenity center.
Bristol Station also has in-place rents that are more than a 17 percent discount below those of competitive properties in northern Middlesex County and more than 6 percent below its closest competitor in Carteret, HFF said in its offering materials. Since the property was completed in 2009, rents in the northern Middlesex submarket have increased by more than 34 percent to $1,830 per month.
“Although the property’s unit interiors are pristine, there is an opportunity to upgrade select features on most units to further enhance returns,” the HFF team wrote, noting that renovations would generate a projected monthly premium of $175. “Bristol Station is a rare opportunity to acquire an amenity rich multi-housing asset in a prime location, with the ability to drive rents through an interior unit renovations program.”
Carteret, meantime, has seen a flurry of industrial development in recent years that has attracted users such as Amazon, part of more than $1 billion in private investment since 2002. HFF also noted that the borough’s population has grown by more than 10 percent since 2010, while the median household income has increased by more than 38 percent to $74,841.
Bristol Station has a mix of one- and two-bedroom units, with amenities including a 24/7 fitness center, outdoor pool and computerized package pickup system, HFF said. The nearly 11-acre property is about three minutes from the Turnpike, offering easy access to Port Newark-Elizabeth and Newark Liberty International Airport.
HFF’s Jose Cruz, Michael Oliver, Stephen Simonelli, Kevin O’Hearn and J. Stephen Joseph are leading the assignment. Greg Nalbandian is overseeing financing.