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SHREWSBURY, NJ-The 160-unit Shrewsbury Arms Apartments, a garden-style complex, has been sold for “over $12 million,” according to one of the brokers involved in the transaction. The sale price factors out to approximately $75,000 per unit.

Both the buyer and the seller were represented by brokers from the Woodbridge, NJ-based Kislak Co. The firm’s Andrew Jonas represented the seller, the Shrewsbury Township Urban Renewal Corp., while Matthew Weilheimer, a Kislak vice president spoke for the buyer, Coolidge Shrewsbury LLC. Both the buyer and seller are locally based groups.

“We have worked for 15 years with the Shrewsbury Township Urban Renewal Corp., financing the property twice and now selling it for them,” Jonas says. “And Matthew has worked with the buyer on a variety of other transactions.”

Located at 74 Crawford St. in this Monmouth County community, Shrewsbury Arms Apartments is currently 97% occupied. The new owner is expected to initiate renovations of the complex.

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