"The demand for high-quality multifamily complexes remains healthy," says Sitar sales associate Ron Schrader Jr. "Demand remains healthy despite the current condition of the economy as a whole."
In the larger of the two sales--Borden Village, a 24-unit garden complex on two acres in Point Pleasant, Ocean County--was sold on an all-cash basis for $3.55 million, or approximately $148,000 per unit. The deal was arranged by Ron Schrader Jr., Brian Schrader and Ronald M. Schrader. The brokers declined to identify the buyer and seller.
In the second deal, Rosewell Gardens, an 18-unit garden complex on the South Amboy waterfront in Middlesex County, traded for $1.55 million, or about $86,000 per unit. Ron Schrader Jr. represented the seller, identified only as a local partnership, and Joseph Nitti, president of Sitar's industrial division, spoke for the buyer, similarly described as a local partnership.
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