Byron Street Apartments at 7-11 Byron St. in Carteret — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
A growing multifamily owner has added to its holdings with three properties in Middlesex County, acquiring the 53-unit portfolio for nearly $10 million.
According to Gebroe-Hammer Associates, which arranged the sale to Golden Sky Equities, the transaction includes the 18-unit Byron Street Apartments at 7-11 Byron St. in Carteret, the 20-unit Townhomes at Veterans Park at 154-172 MacArthur Ave. in Sayreville and the 18-unit Apartments at Edison Station at 355 Plainfield Ave. in Edison. The brokerage firm’s Joseph Brecher and Joseph Gehler represented the undisclosed seller and procured the buyer, a longtime client, in the $9.72 million, off-market deal.
“As the second most-populous county in the state of New Jersey, Middlesex is the state’s core corridor for residential, commercial and employment hubs with a transportation infrastructure that extends well into Philadelphia and New York City,” said Gehler, a vice president with Gebroe-Hammer. “The submarket has experienced sustained tight conditions, setting the stage for enduring investment demand of early- to late-20th-Century-era product experiencing a second and third act that is benefitting from new market deliveries.”
In a news release, the Livingston-based firm noted that the portfolio comprises a mix of studio, one-bedroom, two-bedroom and three-bedroom floorplans, some of which have townhome-style layouts. Units have upscale finishes, while each property has amenities, on-premises lot or garage parking and on-site laundry centers or in-unit washers and dryers.
The team also noted that Middlesex County is home to three universities, major health care organizations, pharmaceutical giants and a highly skilled labor pool, while residents have easy access to mass transit and a vast highway network.
“Central New Jersey in general and Middlesex County specifically is a melting pot for a highly educated-professional tenant base seeking to live in close proximity to incubators, labs and groundbreaking test centers,” said Brecher, an executive managing director with GH. “Because of the presence of this demographic, the tenant-demand pipeline for apartments has been and continues to be robust. As a result, multifamily acquisition opportunities for properties like Byron Street Apartments, Townhomes at Veterans Park and the Apartments at Edison Station in Edison are relatively rare.”
