6B — September 25 - October 15, 2020 — Owners, Developers & Managers — M id A tlantic Real Estate Journal


O wners , D evelopers & M anagers

Berger, Klapper and Wernick represent sellers and procured both buyers CBRE announces sales of twomultifamily properties in Bound Brook and North Brunswick, NJ


EW JERSEY — CBRE announced the sales of two mul-

tifamily properties located in Bound Brook and North Brunswick, NJ. Ashton Arms Apartment Complex sold for $3.1 million—one of the highest prices per unit on record for a Bound Brook multifamily asset, while Wil- low & Laurel, a garden-style apartment complex in North Brunswick was acquired for $1.7 million. The CBRE Tri-State In - vestment Properties team of Charles Berger, Elli Klap- per and Jeremy Wernick

Ashton Arms

Willow & Laure

represented the sellers and also procured both buyers. “During these truly unprec- edented times in the com- mercial real estate industry, our team was able to secure an exceptional price per unit in the sale of Ashton Arms,” said Mr. hip will be able to take advantage of a stable property with tremendous value-add opportunity, and rents that are significantly belowmarket in an area that is seeing continued improve- ment and development.” Located at 526 East Second Street in Bound Brook, New Jersey, Ashton Arms is a transit-oriented garden-style apartment complex located just two blocks from the NJ Transit Bound Brook train station and downtown’s bus - tling shopping and entertain- ment area. The 20-unit multi- family property is comprised of 16 one-bedroom units and four two-bedroom homes. “After multiple brokerage firms attempted to market and sell Willow & Laurel, we were able to use our vast experience in the Middlesex County multi-family market and nation-wide investor contacts to procure the buy- er,” said Mr. Wernick. “The apartment complex is ideally situated in the heart of North Brunswick—an area under- going a major revitalization— and provided a phenomenal value-add opportunity for the new ownership.” Located at 708-718 Laurel Place and 681-691 Willow Avenue, the12-unit apart- ment complex offers large two-bedroom duplex homes in one of North Brunswick’s most heavily populated and stable residential neighbor- hoods. MAREJ

P o s k a n z e r S k o t t A r c h i t e c t s 550 North Maple Avenue, Ridgewood, NJ 07450 201.445.2322 www.poskanzerskott.com

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