Bridgewater Oaks at 89a Tunison Lane in Bridgewater — Courtesy: JLL
By Joshua Burd
The owner of a 54-unit apartment complex in Bridgewater is seeking a buyer for the property, brokers with JLL said, touting it as a value-add opportunity in an affluent region.
The listing team said the property, Bridgewater Oaks, is made up of two- and three-bedroom homes with direct access, private balconies and an average size of 1,228 square feet. The complex at 89a Tunison Lane is 92.6 percent leased, benefiting from more than $1.1 million in updates since 2016, including new roofs, gutters, siding, windows, drainage and repaving.
Notably, though, only 22 percent of the apartments have undergone full renovations, JLL said. Those units have achieved rent premiums of more than $500 over classic units and $150 over partially upgraded units.
“Bridgewater Oaks presents a rare opportunity for investors to acquire a 100 percent market-rate apartment community with proven value-add upside and negligible deferred maintenance in Bridgewater Township, New Jersey,” JLL wrote in its offering materials, highlighting a location that’s 40 miles west of New York City and adjacent to the Raritan Valley Country Club. It’s also close to major highways such as interstates 78 and 287 and routes 202, 22, 206 and 28, while the 1.7 million-square-foot Somerset Corporate Center with tenants such as Bausch & Lomb, Qualcomm Technologies Inc. and Cognizant is less than three miles away.
JLL’s Jose Cruz, Mike Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce are spearheading the transaction on the would-be seller’s behalf, with support from Thomas E. Didio Jr. and Gerard Quinn of the firm’s financing advisory group.
