The complicated financial arrangement, assembled by East Hanover, NJ-based investment property specialists Muroff-Lewis Associates, resulted from separate requirements of the seller's three different partners, who were not named. The asset received substantial capital improvements prior to the sale, and a vacant land parcel was separated for construction of single-family homes. Additionally, the seller converted from a general partnership to an LLC prior to closing, per buyer request.
Built in the late '60s, Flemington Gardens totals 40 one-bedroom and 20 two-bedroom units. The location is in Hunterdon County in Central New Jersey.
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