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“The purchaser believes strongly in the central New Jersey market for multi-tenanted office space and this building's close proximity to the Garden State Parkway and major metro areas made it very attractive,” says Kislak's Barry Waisbrod.
“Because the space and layout of these plans more closely resemble a single-family home, we're seeing strong interest from buyers in their mid-30s who are on their second home purchase,” says Jeff Benach, principal of Lexington Homes.
The two firms sold the Solis Waverly, a 375-unit luxury multifamily property to Dallas-based Lan Properties/Lantower Residential for $84.4 million. They also traded the 194-unit Solis Ballantyne for $44.2 million to Continental Realty Corporation of Baltimore.
The James is a newly developed 236-unit apartment building located at 251 Admiral Cochrane Drive. The property was developed and constructed by JLB Partners in 2017.