4B — June 24 - July 14, 2016 — Owners, Developers & Managers — M id A tlantic

Real Estate Journal


O wners , D evelopers & M anagers

EWTON, NJ — Mar- cus & Millichap has arranged the sale of Brookside Terrace, a 222-unit property in Newton, NJ Marcus & Millichap’s Philadelphia office arranges $16.9 Million HUD property sale N

record in New Jersey. “We are seeing more and more apartment investors actively pursue HUD and Low Income Tax Credit op- portunities as an alternative to market-rate apartments, which are highly competi- tive and typically have lower yields,” adds MacLaren. “Our team has built a 10-year track record of success in the af- fordable housing space in the Mid-Atlantic and Northeast. We currently have assets listed and under contract from North Carolina to New York and are actively pursuing new business.” n ASCE NJ names Espos i to Young Civil Engineer of the Year LAWRENCEVILLE, NJ — Steve Esposito , a structural engineer in the Lawrenceville tion of the American So- ciety of Civil Engineers (ASCE) . Since joining WSP | Par- sons Brinckerhoff in 2008, Esposito has worked on many high-profile projects. He has been involved with the struc- tural design and construction of the Rte. 72 Manahawkin Bay Bridges project, a $318 million undertaking divided into five separate design and construction contracts. He was responsible for the design of all structural aspects of the new bridge, in-depth evaluation of the existing timber piles for the rehabilitated trestle bridges, scour countermeasure design, supervision of CADD drafters, and coordination with other disciplines, sub- consultants, the New Jersey Department of Transporta- tion, and the contractor. On the Rte. 37 eastbound and westbound bridges over Barnegat Bay, Esposito has been responsible for structural design of emergency scour damage repairs necessitated by Superstorm Sandy in addi- tion to the total deck replace- ment design and construction for the eastbound bridge. n Steve Esposito office of WSP | Parsons Br i ncker - h o f f , h a s been named Young Civil E n g i n e e r of the Year by the New Jersey Sec-

said Andrew Townsend , vice president investments in Marcus & Millichap’s Phila- delphia office. “We commend both the buyer and seller for their patience and hard work in getting this deal to the fin- ish line.” Townsend, alongwith Ridge MacLaren , first vice presi- dent investments and Clarke Talone , senior associate, both also in the firm’s Philadelphia office, represented the seller and procured the buyer. J.D. Parker , senior vice president - district manager, supervised the deal as the firm’s broker of

Brookside Terrace, a 222-unit HUD property in Newton. The apartment complex consists of a 10-story high-rise build- ing along with townhouses. Built in 1976 on 7.2 acres, the property is located at 33 Mill St. in Newton, one hour from Manhattan. “This was an extremely complicated transaction that involved multiple state hous- ing agencies and a conversion to the Housing and Urban De- velopment’s RAD 2 program,”

Brookside Terrace

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