Halstead Place Apartments at 67 Halstead St. in Clinton — Courtesy: Berkadia
By Joshua Burd
A multifamily owner has sold a 35-unit apartment building in Hunterdon County for a reported $9.3 million, in a newly announced deal by Berkadia.
Brokers with the firm represented Merion Realty Partners in its disposition of Halstead Place Apartments, located at 67 Halstead St. in Clinton. AcquiVest acquired the six-year-old, three-story building, which has a mix of one-, two- and three-bedroom rentals with 20 percent reserved as affordable housing.
Berkadia senior managing directors Nat Gambuzza, Zachary Pierce and Matthew Stefanski, Senior Director Trevor Fiebel and Associate Maura Spellman of the firm’s Morristown and Philadelphia offices brokered the sale. Traded NJ reported the sale price as $9.3 million.
“The property was purchased in 2021 as part of a portfolio totaling 640 units, also sold by Berkadia,” Gambuzza said. “The seller, Merion Realty Partners, strategically sold the smaller-sized asset to focus on the firm’s assets in other parts of New Jersey.”
Berkadia added that the property has an average floor plan of more than 1,100 square feet, while it offers ample surface parking with amenities such as a gym, a yoga studio, a grill area and storage lockers. It also noted that AcquiVest was attracted to the quality of the asset, with out-of-state management presenting the opportunity for immediate expense reductions post-closing.
“The buyer plans to take a hands-on approach with management in order to gain operating efficiencies for revenue growth,” Fiebel said.
