Oxford Realty Group Acquires 152-Unit Highland Park MF Property for $30M

HIGHLAND PARK, NJ—Oxford Realty Group has acquired 152 multifamily units at Donaldson Park Apartments, 321 Crowells Rd., near the borough center, for $30 million.

Gebroe-Hammer Associates executive managing director Joseph Brecher represented the seller, JGT Managing Partners, the original developer of the garden-style community, and procured the buyer.

From contract to closing, the transaction was finalized in under 30 days.

“In addition to having extremely close proximity to the buyer’s main offices, Donaldson Park Apartments has some very unique characteristics, including all two-bedroom layouts—some of which have dens—with private patios and balconies for each unit,” says Brecher, who oversees the firm’s Middlesex County/Central Jersey activity. “Highland Park is an extremely highly desirable borough among executives and academics with families, established post-bacc students and empty nesters because it is quaint, yet trendy with a thriving arts and dining scene.”

Built in 1966, Donaldson Park Apartments gets its name from a nearby 90-acre riverfront Middlesex County park known for its boat ramp, sports fields, paved trails and picturesque surroundings. The very well-maintained six-building community has two different floorplans ranging from 910 to 1,070 square feet. Apartment features include eat-in-kitchens, hardwood floors and sliding-glass-door patios/balconies.

According to Brecher, the buyer plans to incorporate enhancements property-wide.

“Relative to New Jersey, Highland Park is a high-appreciating municipality that consistently draws an upper-income renter base employed within the thriving, well-located Middlesex County corridor and Greater New York City metro,” he says.

As the second most-populous county in the state of New Jersey, Middlesex County has three universities, including Rutgers University and world-class healthcare and research facilities. Calling the county home are several healthcare organizations, including Robert Wood Johnson University Hospital, St. Peter’s University Hospital and University Medical Center of Princeton at Plainsboro; pharmaceutical giants Bristol-Myers Squibb and Johnson & Johnson; and an extensive mass transit and highway network connecting to New York City, Philadelphia and the entire Northeast Corridor.

Since 1975, Gebroe-Hammer’s brokerage activities have concentrated on suburban and urban high-rise and garden-apartment properties.