Fairfield Buys 504-Unit Complex

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MT. LAUREL, NJ-The San Diego-based Fairfield Residential has acquired Ramblewood Apartments and Townhouses here, buying the 504-unit complex from Pantzer Properties, a Saddle Brook-based residential owner and management company. The property is located near Exit 4 of the New Jersey Turnpike in the southern part of the state.

The deal was arranged by brokers from two offices of Cushman & Wakefield, including Joe Verdejo of the firm’s Philadelphia office and Andrew Merin of C&W’s East Rutherford office. Merin heads C&W’s Metropolitan Area Capital Markets Group. The sale price was not released.

Located on Country Club Parkway, the property was built in the 1970s as part of the Ramblewood PUD, which includes a component of single-family homes, five condo communities and the rental property just sold. Its 504 units are divided into three separate sections with a combination of apartments and three- and four-story townhouses.