1255 Route 66 in Toms River — Courtesy: Marcus & Millichap
By Joshua Burd
An investment group has paid more than $7.5 million to acquire a 52-unit fractured condominium package in Toms River, according to Marcus & Millichap.
Brokers with the firm represented both parties in the transaction at 1255 Route 66, a complex with units spread across four separate garden-style buildings. A local private investor sold the units, Marcus said, noting that the nearly $7.53 million transaction involved multiple offices.
“We were hired exclusively to market the property, to provide the highest return for our client,” said Andrew Townsend, an investment specialist in Marcus & Millichap’s Philadelphia office. “This was achieved by pricing the investment opportunity at the most aggressive pricing, yet attractive to a wide range of buyers.”
Townsend represented the seller alongside Ridge McLaren and Clark Talone, who are also based in Philadelphia. Chez Eider, who is based in the firm’s New Jersey office in Saddle Brook, represented the buyer.
“The assignment was challenging, due to it being a fractured condo investment opportunity,” Eider said. “The sale was a result of the collaboration of multiple Marcus & Millichap offices, to achieve maximum value for our seller. We ran a process through which we broadly marketed the property, provided many tours, and received multiple offers and with aggressive terms.
“The buyer pool ranged from private investors, regional owners to high net worth family offices. Ultimately the buyer selected, paid the full asking price, with no due diligence period (all due diligence performed prior to contract signing), and a significant non-refundable deposit at contract signing.”
Marcus added that the condo buildings are spread across nearly 10 acres, in a township that sits at the intersection of the Garden State Parkway, Exit 83 and Route 9.
“We continue to have a great demand for quality multifamily investment properties, on both stabilized and value-add opportunities,” Eider said. “We’re still in a ‘sellers’ market.’ Long-term owners are taking advantage of the high valuations, low interest rates, and out of area capital flowing in from New York to Los Angeles, and even Canada, especially other markets with lower yielding opportunities.”