The Brunswick at 5 and 10 Dennis St. and 100 Hiram Square in New Brunswick — Courtesy: JLL
By Joshua Burd
The owner of a 201-unit rental property in New Brunswick has listed it for sale, brokers with JLL said, touting the asset’s “validated upside potential” in a city whose job market is surging.
According to the brokerage team, The Brunswick is a collection of fully market-rate apartments at 5 and 10 Dennis St. and 100 Hiram Square. It’s now on the market with a proven value-add strategy and the opportunity to update some 68 percent of its units, JLL said, noting that its renovated apartments are renting for around $325 more than those that are not.
Completed in phases in 1997 and 1999, the property was 98 percent occupied as of mid-May, according to the firm’s marketing materials. And it’s part of a city whose economy is on the rise thanks to major investments such as the $2 billion Health + Life Science Exchange campus and the new Jack & Sheryl Morris Cancer Center, both spearheaded by New Brunswick Development Corp., as well as longtime anchors Rutgers University, Johnson & Johnson, Robert Wood Johnson University Hospital and Saint Peter’s University Hospital.
JLL’s Mike Oliver, Jose Cruz, Steve Simonelli, Elizabeth DeVesty and Austin Pierce lead the marketing team on behalf of the would-be seller. The firm’s CJ Anania and Luke Chakonis are providing analytics support, while Thomas E. Didio Jr. and Gerard Quinn are available for debt advisory services.
The Brunswick, a complex of five-story buildings, comprises 10 studios, 140 one-bedroom units and 51 two-bedroom units. It also has 222 surface and 18 covered parking spaces, plus amenities such as a fitness center, a business center and a dog park.
