444 Lincoln Highway in Iselin — Courtesy: Cushman & Wakefield
By Joshua Burd
An investment firm has sold a three-year-old, 48-unit apartment building in Woodbridge for nearly $16 million, in a transaction arranged by Cushman & Wakefield.
The brokerage team said the seller, Adoni Property Group, reaped $327,000 per unit in its disposition of 444 Lincoln Highway. West Orange-based FM Ferrari Investments purchased the fully leased, three-story property, which is located in the township’s Iselin section.
“The multifamily market remains very strong, especially for luxury apartments,” Cushman & Wakefield’s Andrew Schwartz said. “444 Lincoln Highway’s high-end contemporary designs and finishes provide a competitive advantage for retaining tenants and allowing rent growth in the future, positioning new ownership for success.”
The C&W team of Andy Merin, Brian Whitmer, Schwartz, Jordan Sobel and Andre Balthazard represented the seller and procured the buyer in the $15.7 million deal. They noted that 444 Lincoln Highway features high-end interior design and appliances, adding that it is within walking distance of the Metropark train station.
