M id A tlantic Real Estate Journal — Owners, Developers & Managers — August 19 - September 15, 2022 — 9C
www.marej.com
O wners , D evelopers & M anagers Eider and Zamora complete transaction Downtown Woodbridge 53 Marcus & Millichap brokers the sale of a 53-unit multifamily portfolio
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paves the way for the buyer as units turn over to capture the upside in the deal.” Zamora said. “We continue to see a lot of urban capital flowing into the suburbs following demographic trends and less rent controlled markets. This deal serves as a great example of how our reach in the marketplace allows us to successfully market a property at a greater price for our sellers as others were unsuccessful.” The Downtown Woodbridge 53 portfolio consists of 501 Rahway Ave., 490 Rahway Ave., and 20 Claire Ave in Woodbridge Township, NJ.
The portfolio consists of three separate buildings all located right near each other totaling 53 units. All three buildings in the portfolio are located only half a mile from Interstate 95, with easy access to Garden State Parkway, US-9, NJ-440, and US-1, making it located in one of the major transporta- tion hubs in New Jersey. The portfolio is located down the street from the New Jersey Transit’s North Jersey Coast Line and is within blocks of both the Woodbridge Center Mall and Woodbridge's down- town. MAREJ
OODBRIDGE TWP., NJ — Mar- cus & Millichap
announced the sale of Down- town Woodbridge 53, a 53-unit apartment complex located in Woodbridge Twp., according to James McGuckin , regional manager of the firm’s New Jersey office. Chez Eider and Jonathan Zamora , investment special- ists in Marcus & Millichap’s New Jersey office, had the list - ing to market the property on behalf of the seller, a private investor. The brokers also secured the buyer, a limited liability company. “We ran a wide marketing campaign that attracted nine solid offers and closed at a higher price than the sellers' expectations.” Eider said. Prior to Marcus & Millichap exclusively listing the proper- ties, several other firms had listed the portfolio in the past (which made the assignment even more difficult) and was originally under-agreement multiple times by several of those the other firms (who had the listing previously) and have not succeeded in deliver- ing. Despite higher interest rates and a more challenging environment during our mar- keting process, the brokers successfully structured a deal on behalf of the seller, to with- stand the potential impact from the on-going volatility in the market. This was in part as a result of strong contract terms, including a significant amount of non-refundable de- posit with minimal and limited due diligence. Eider added, “Initially, the sellers had asked us what makes our approach different compared to the many others who have not succeeded?” We see our approach to be differ- ent than others, with “better marketing positioning, and a process to cast a wide net and get maximum exposure for our listings, to attract multiple buyers from a variety of pro- files – both locally and out-of- area- capital, structuring deals with the strongest terms, and consistently achieving higher prices than others. We are grateful that we succeeded in delivering this.” “Our platform allowed us to fetch an out of market buyer who understood the value- add potential in the deal. The sellers did a lot of capital im- provements which immediately
Downtown Woodbridge 53
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