By Joshua Burd
A private partnership has sold a two-building, 36-unit apartment portfolio in downtown Rahway for $8 million, in a recent deal by Berkadia’s New Jersey office.
Brokers with the firm represented the Lakewood-based seller, whose name was undisclosed, in the trade comprising 132-134 Elm Ave. and 1636 Irving St. A central New Jersey-based apartment operator acquired the portfolio — which is within walking distance of shopping, dining and nightlife and has easy access to public transportation — in a deal that closed June 30.
Berkadia Senior Managing Director Nat Gambuzza and Senior Director Trevor Fiebel of the firm’s Morristown office brokered the $222,000 per unit sale.
“It is important to us that we provide full-service representation, and this is a great example which demonstrates our team’s ability to position our clients for success,” Fiebel said. “Earlier this year we represented the buyer on the sale of his South Jersey apartment portfolio with the re-investment plan to expand his presence in northern New Jersey.”
Gambuzza added: “This transaction marks another closing in which we facilitated a successful repositioning of our client’s assets by representing both the up leg and down leg of his 1031 tax exchange. The city of Rahway has seen an influx of investment over recent years including multiple newly constructed high-end apartment communities and repositioning of older assets.”
