Georgetown Townhomes, a six-unit property at 1299 St. Georges Ave. in the Colonia section of Woodbridge — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
A developer has sold a six-building, 87-unit apartment portfolio in Woodbridge and Rahway, in a set of newly announced transactions by Gebroe-Hammer Associates.
The brokerage firm said it represented an unnamed seller in the two dispositions, which totaled more than $25.5 million in value. In the larger deal, a private investor paid $21.2 million for 72 units across five properties, including:
- Crystal Place, a 27-unit building at 1400 St. Georges Ave. in the Avenel section of Woodbridge
- Two Oaks, a 20-unit building at 475 Avenel Ave. in Avenel
- Piper Avenue Townhomes, a nine-unit property at 151 Piper Ave. in the Avenel
- Georgetown Townhomes, a six-unit property at 1299 St. Georges Ave. in the Colonia section of Woodbridge
- Brookside Court, a 10-unit building at 195 West Scott Ave. in Rahway
“Marketed as the Metropark Portfolio for its proximity to the transit hub that bears the same name, these buildings presented both buyers with an extremely rare, unique-to-market opportunity to acquire one or more of the six newly constructed buildings from the original developer,” said Niko Nicolaou, an executive vice president with Gebroe-Hammer, who represented the seller. “This well-connected transit and active telecommuter-friendly corridor has been and will continue to be favored by a fundamentally stable tenant base of executives, managers and professionals employed by nearby Fortune 500 companies and in the health, science and math fields.”
Gebroe-Hammer Senior Vice President Debbie Pomerantz procured the buyer of the portfolio, which is made up of two- and three-story single-building complexes built between 2013 and 2016. Progress Capital Partner Brad Domenico secured financing for the transaction.
“These five first-class buildings aligned with the buyer’s 1031 exchange needs and had tremendous appeal based on their luxury, style and comfort — all of which resonate now more than ever with tenants and investors alike,” Pomerantz said. “Neighborhood amenities also are abundant and include sidewalk dining and takeout restaurants, convenience stores, hardware and auto repair shops and convenient highway and roadway connectivity.”
Nicolaou also represented the seller in the second transaction, which involved the $4.2 million sale of The Boulevard Apartments at 345 Edgerton Blvd. in Avenel. David Oropeza, executive managing director with the brokerage firm, procured the buyer.
The three-story property features 15 units with a mix of two-bedroom floorplans, according to a news release. The buyer is also a private investor.
“The buyer was extremely interested in The Boulevard because of its location nestled between small municipalities and walkable ‘urbanesque’ centers,” Oropeza said. “The region’s award-winning schools and a highly educated (and) skilled workforce only serve to fortify an already affluent tenant pipeline that favors Class A multifamily product.”
The Livingston-based firm completed the deals as part of two separate 1031 exchanges.
