X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HAMILTON TWP., NJ-The Orbach Group has acquired its second apartment complex in this Princeton-area township, specifically the 144-unit Miry Run Apartments at 145 Brookwood Rd. in the township’s Mercerville section. The sale price of $11.5 million factors out to just more than $79,860 per unit.

The identity of the seller was not released. However, the Miry Run property had been listed among the holdings of the River Edge, NJ-based Tower Management and is currently still listed on that company’s web site. With the acquisition, the Fort Lee-based Orbach now has 460 residential units in Hamilton Twp., and a total or more than 1,000 units in the Greater Princeton corridor. The latest acquisition here follows the purchase of the 316-unit Victoria Apartments nearby, in 2004.

“Four years ago, we came to Hamilton, and we were instantly attracted to the area,” says Meyer Orbach, president and CEO of the Orbach Group. “We’re excited to expand our stake here. We will work with the residents of Miry Run to make all necessary upgrades and enhance the property for everyone.”

Orbach terms those pending upgrades “minor.” At the time of closing, all units at Miry Run Apartments, a mix of one-bedroom and two-bedroom residences, were occupied.

Orbach’s growing multi-state portfolio includes units in several markets in New Jersey including, in the Princeton area, Ewing Twp. Other holdings include properties in markets ranging from Hackensack in the north, to Lakewood in the state’s mid-section and South Jersey’s Cherry Hill.

The Orbach Group also recently made its initial move across the Hudson River to Manhattan. As reported by GlobeSt.com, the company bought 13 buildings with 254 units and a number of storefronts along West 49th Street opposite World Wide Plaza.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.