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FRANKLIN TWP., NJ-Somerset Estates, a 395-unit apartment complex in this township’s Somerset section, has been acquired by Fieldstone Properties from a local investor group. The sale price was not released, but one bit of financial data was: The acquisition was completed with the help of a $6.75-million financing package arranged by Chicago-based Wrightwood Capital and sourced through Emmet Delany of Capital & Venture Resources of Ridgefield, CT.

Located at 271 Franklin Blvd., the 339,000-sf complex consists of 395 units. And the more than 50-year-old complex is about to get an overhaul by the Parsippany, NJ-based Fieldstone. Those improvements include upgrades to the individual units and conversion of some of the two-bedroom units to three bedrooms, “to address the demand for three-bedroom units in the area,” says Frank Sullivan, senior regional director-fund management for Wrightwood.

“The property is attractive to a variety of tenants and will be able to maintain its low vacancy rate,” Sullivan says. “Fieldstone has extensive experience with repositioning multifamily properties.” The financing represents the first transaction between Wrightwood Capital and Fieldstone Properties.

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