WOODBRIDGE TOWNSHIP, NJ – Gebroe-Hammer Associates has arrangedthe $25.5 million sale of a class A multifamily portfolio.Comprising 87 luxury apartment home and townhome rental units, theportfolio spans Woodbridge Township, NJ's Avenel, Colonia andRahway neighborhoods.

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Sold by the same, single, unnamed seller, the portfolio wasdivided and sold in two separate transactions. The two 1031exchanges involved a five-building package sale and a singleproperty sale.

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The portfolio's undisclosed seller was exclusively represented,across both dispositions, by Gebroe-Hammer Associates EVP, NikoNicolaou. Gebroe-Hammer Associates' SVP, Debbie Pomerantz andexecutive managing director, David Oropeza, each procured privateinvestors as the portfolio's buyers.

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"Marketed as the Metropark Portfolio for its proximity to thetransit hub that bears the same name, these buildings presentedboth buyers with an extremely rare, unique-to-market opportunity toacquire one or more of the six, newly-constructed buildings fromthe original developer," said Nicolaou.

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The larger transaction encompassed 72 units across fivebuildings and sold for $21.3 million. The transaction's financingwas secured by New Jersey-based, Progress Capital partner, BradDomenico. Comprising two- or three-story, single buildingcomplexes, the five multifamily assets feature one- and two-bedroomfloorplans. Each property was built between 2013 and 2016. The saleincluded:

  • 27 units at Crystal Place, 1400 Georges Ave., in Woodbridge'sAvenel neighborhood. Sold by Crystal Place LLC.
  • 20 units at Two Oaks, 475 Avenel Ave., in Woodbridge's Avenelneighborhood. Sold by 2 Oaks LLC.
  • 9 units at Piper Avenue Townhomes, 151 Piper Ave., inWoodbridge's Avenel neighborhood. Sold by Piper Place LLC.
  • 6 units at Georgetown Townhomes, 1299 St. Georges Ave., inWoodbridge's Colonia neighborhood. Sold by 1299 George LLC.
  • 10 units at Brookside Court, 195 W. Scott Ave., in thenorthernmost neighborhood of Rahway. Sold by 197 W. Scott Ave.LLC.

"These five first-class buildings aligned with the buyer's 1031exchange needs and had tremendous appeal based on their luxury,style and comfort – all of which resonate now more than ever withtenants and investors alike," said Pomerantz. "Neighborhoodamenities also are abundant and include sidewalk dining and takeoutrestaurants, convenience stores, hardware and auto repair shops andconvenient highway and roadway connectivity."

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The second, smaller transaction involved the $4.2 million saleof The Boulevard Apartments, located at 345 Edgerton Blvd. inWoodbridge's Avenel neighborhood. The sixth asset is a three-storyproperty, which offers 15 units and features two-bedroomfloorplans. The property was sold by 345 Edgerton Blvd. LLC, andthe buyer is an unnamed, private investor.

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"The buyer was extremely interested in The Boulevard because ofits location nestled between small municipalities and walkable'urbanesque' centers," said Oropeza. "The region's award-winningschools and a highly educated/skilled workforce only serve tofortify an already affluent tenant pipeline that favors class Amultifamily product."

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Ingrid Tunberg

Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.