Briar Knoll at 1255 Route 66 in Toms River — Courtesy: Marcus & Millichap
By Tina Traster
Marcus & Millichap has negotiated the sale of Briar Knoll, a 53-unit multifamily property in Toms River, at a capitalization rate of 4.32 percent.
Chez Eider, a senior associate of investment sales in the firm’s New Jersey office, and Andrew Townsend, vice president investments in the firm’s Philadelphia office, marketed the property on behalf of the seller, Pine View Equity Group LLC. The listing team also secured and represented the buyer, Naftali Berliner.
Additionally, James Conley and Neil Campbell of Marcus & Millichap Capital Corporation arranged acquisition financing for the buyer.
“The seller exited just two years after acquiring the property, taking advantage of the high demand for multifamily investment properties,” Eider said. “They achieved their business plan three years ahead of schedule, exceeding their investors’ expectations. This was a result of Pineview Equity Group’s skillful operating approach, low interest rates and the insatiable demand for multifamily properties — one of the strongest asset classes.”
Briar Knoll is located off Route 166, a retail corridor in the Toms River submarket. Within a one-mile radius, tenants have access to two retail strip centers, various professional services and the Home Depot-anchored Indian Head Shopping Plaza.
The upscale property has 43 one-bedroom units and 10 two-bedroom units — all with individual entrances and sliding door balconies, according to a news release. Toms River is one of the fastest-growing municipalities in the state, with a steady increase in population of nearly 1 percent annually since 2014.
“Naftali took a very hands-on approach throughout the process and ultimately won the deal due to having the most aggressive price and terms,” Eider added. “We ran a controlled marketing process that resulted in multiple offers from local, regional and international investors, despite the challenge of the property being a fractured condominium.”
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and staffer at the Bergen Record.
