224-240 South 7th Ave. in Highland Park — Courtesy: Redwood Realty Advisors
By Joshua Burd
An investment firm has paid $4 million for two Middlesex County apartment properties, in a set of transactions arranged by Redwood Realty Advisors.
In a news release, the brokerage said it represented both parties in the investment sales. The properties include a 20-unit garden complex in Highland Park, located at 224-240 South 7th Ave., and an 11 unit building at 2250 Woodbridge Ave. in Edison.
Redwood’s Jeremy Wernick marketed the properties on behalf of separate sellers, The Volto Group and Bay Harbor, respectively. He also represented the buyer, an investment firm based in Bergen County.
“The two sellers benefited from the strong demand from regional investors who are continuing to look to new markets that offer opportunities to generate higher yield,” said Wernick, an investment associate at the Hasbrouck Heights-based firm. “In this case, the properties are located within two miles of one another, which also creates management efficiencies for the new ownership.”
Redwood touted the location of the properties between New York and Philadelphia, along with its proximity to Fortune 500 companies, three universities and the region’s health care and research institutions.
“Middlesex County has really jumped onto the radar for regional investors, and Jeremy was able to leverage that interest to attract a strong pool of buyers for these two properties,” said Thomas McConnell, managing partner at Redwood Realty Advisors. “The county has the second highest population in the state, and it is one of the few counties in the nation to hold a AAA bond rating from Standard & Poor’s.”