NEPTUNE, NJ-A 162-unit apartment portfolio consisting of three buildings in this beachfront community was traded by the original owner to an undisclosed buyer for $7 million this week. Cushman & Wakefield’s Metropolitan Area Capital Markets Group arranged the sale.
The properties are Neptune Gardens and Stratford Gardens, located at 300-400 Neptune Blvd., and Harlee Gardens, at 1819 Bangs Ave.
Each of the properties has historically maintained high occupancy. However, C & W’s Brian Whitmer, who headed the transaction with Andrew Merin and Donald Eisen, said the portfolio’s seller sought to dispose of the assets prior to “fiscal cliff” tax code changes slated to occur automatically in January unless Republicans and Democrats can achieve a compromise on the federal budget.
Local tax records indicate the property was assessed at $2.3 million and the annual tax bill was $56,772.
“The opportunity to acquire three stable, quality multi-family properties directly from the developer attracted strong investor interest” from multiple bidders, said Whitmer. “Bidders also were drawn by Neptune’s growing healthcare industry presence – highlighted by the recently completed Jersey Shore University Medical Center expansion – which has transformed the community over the past several years.”
The apartment buildings are situated three miles east of the Garden State Parkway, and are easily accessible from shoreline thoroughfares including routes 33 and 35.
C & W’s Metropolitan Area Capital Markets Group is based in East Rutherford, and has completed more than $16 billion worth of transactions since it was established in 2000.