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MT. ARLINGTON, NJ-Atkins Cos. has sold the Carriage Club at Mt. Arlington, a 105-unit luxury active adult apartment community here. The West Orange-based Atkins developed the property, opening it in late 2002.

The deal was arranged by Andrew Merin, a Cushman & Wakefield vice chairman and head of the firm’s Metropolitan Area Capital Markets Group, along with colleagues David Bernhaut, Gary Gabriel and Jose Cruz. The buyer was identified only as “a private group.” The sale price was similarly not disclosed, but a source tells GlobeSt.com that the final number is in the $15-million range, or about $150,000 per unit.

“This property’s market rate one- and two-bedroom units have stayed near full occupancy since the property opened, and there has been very little turnover,” says Merin, who adds that, “the offering drew heated bidding. This is a great location with limited age-restricted product, which contributed to the high investment interest in the property. Approximately 2.4 million people live within a 45-minute drive of Carriage Club, and of those, 537,000 are 55 years of age or older.”

According to Cruz, a senior director for C&W, the new owner will keep the Carriage Club as a rental property. “This choice illustrates a shift in the market,” he says. “For the past few years, condominium converters have been among the most active players in the multifamily investment arena. This deal illustrates that rental owners are becoming more aggressive again.”

Located near I-80 in North Jersey, the Carriage Club is configured as three-interconnected buildings, including two, three-story residential wings and a single-story recreation center. Besides its recreational amenities, the property features a business center, conference facilities and a media room.

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