Colletti Terrace in Jamesburg — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A private investor has acquired a 44-unit apartment complex in Middlesex County for $5.2 million, brokers with The Kislak Co. Inc. announced Monday.
In a news release, the firm said it represented both parties in the sale of 192 Docks Corner Road in Jamesburg. Kislak identified the seller as Colletti Terrace LLC, which had owned the property since 2007.
Vice President Daniel Lanni spearheaded the off-market deal for the brokerage. ConnectOne Bank provided financing.
“The owners knew I had just sold 68 units in Jamesburg for a record price and gave me the opportunity to bring them an aggressive offer for Colletti Terrace,” Lanni said. “We quickly negotiated favorable terms and went to contract with a respected client.”
Built in 1963, the two-story brick buildings feature studios and one and two-bedroom units with balconies, the news release said. The complex, known as Colletti Terrace, is less than a mile from New Jersey Turnpike Exit 8A and two miles from a 675-acre park.
“The buyers plan on upgrading the units and bringing the rents to market with future renovations of kitchens and bathrooms also planned,” Lanni said.