19-25 Henry St. in New Brunswick — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has acquired a 39-unit apartment portfolio in central New Jersey for more than $5.3 million, under a deal arranged by Marcus & Millichap.
According to the brokerage team, the properties include the 18-unit Delar Woods Apartments at 18 Delar Parkway in Franklin Township and 19-25 Henry St., a 21-unit complex in New Brunswick. The portfolio traded for about $5.33 million, providing what Marcus & Millichap said was a value-add opportunity at both sites.
“Demand for Central Jersey multifamily assets is really starting to heat up in an already hot market as additional capital flows enter from New York City and northern New Jersey into markets with landlord-friendly municipalities,” Marcus & Millichap’s Jonathan Zamora said. “Now that uncertainty levels are diminishing, investor sentiment is becoming more confident in the direction of the market. Both sellers and buyers were able to capitalize on the current market conditions with the sell side able to capture great pricing and the buy side getting cheap debt with major upside in the under-market rents on both properties.”
Zamora and Chez Eider, both investment specialists in the firm’s New Jersey office, represented both parties. They noted that the New Brunswick property offers a location near mass transit, the New Jersey Turnpike and a host of major employers, while the Franklin site is just off Route 27 and has some units that are recently renovated.
The latter consists of two buildings with a mix of studios, one-bedroom and two-bedroom apartments.
“Multifamily seems to be the safest asset class,” Eider said. “We continue to have great demand for quality multifamily investment properties, on both stabilized and value-add opportunities.”
