Woodbine Gardens Sells for $8M

WOODBRIDGE, NJ-Woodbine Gardens, a 108-unit garden apartment complex located at 1 Woodbine Road here, has been sold for $7.9 million, says Gebroe-Hammer Associates, which represented both the seller, a private investor and long-time owner of the building, and the buyer, a Gebroe-Hammer client.

The buyer, who owns several properties throughout New Jersey and Pennsylvania, plans an extension renovation of the project, which was built in the 1960s. “The buyer acquired this property because of the tremendous upside potential, in terms of adding value and repositioning the units,” says Joseph Brecher, executive VP of Livingston, NJ-based Gebroe-Hammer, in a statement.  “The Avenel district is a commuter neighborhood where rental living is in demand among professionals, working class families and retirees, feeding the area occupancy rate of approximately 96% percent.”