O wners , D evelopers & M anagers
M id A tlantic Real Estate Journal — October 22 - November 18, 2021 — Section C
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Eider and Petrick represent seller and procure the private developer Marcus & Millichap arranges the sale of a 360- unit multifamily development site in Central NJ
sented the seller and procured the private developer. The sale exceeded each party’s investment expectations and will help contribute to their overall investment strategy growth. According to Eider “We ran a formal marketing process to maximize the exposure of the opportunity and resulted with a very competitive bid process. Developers pursued the devel- opment opportunity because of Howell 360’s high-density multifamily approvals, central New Jersey location, and a high barrier to entry market due to limited permitted new development. We received over one hundred CA’s and fourteen offers. Several offers actually came in close to 10% above the asking price. The developer profiles ranged from one of the largest developers nationwide, regional and local developers.”
one of the offers without the contingency for final approval. This is consistent with the approach on other sites we marketed and closed over the last several months” According to Petrick “The demand for multi-family de- velopment sites, in all phas- es of approval, had only in- creased with the COVID-19 pandemic with strong interest from local, regional and na- tional developers continuing to outpace supply”. About Marcus & Millichap With over 2,000 investment sales and financing profes- sionals located throughout the United States and Canada, Marcus & Millichap is a lead- ing specialist in commercial real estate investment sales, financing, research and ad - visory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of $43 billion. MAREJ
OWELL, NJ — Mar- cus & Millichap an- nounced the sale of
HI-LIGHTS Oct. 22 - Nov. 18, 2021 SPOTLIGHTS Chez Eider and Jason Petrick of Marcus & Millic- hap’s New Jersey office repre - Howell 360 in Howell, Mon- mouth County. The 360-unit multi-family development site is located close to major transportation arteries, nu- merous national retailers, a top-notch school system, and a rich amenity package, ac- cording to James McGuckin , regional manager of the firm’s New Jersey office. Hutchinson utilizes helicopter lift for 17 HVAC unit install
Howell 360
the market demand for units while providing residents of Howell 360 with a rich ameni- ty package, access to top-notch schools and numerous trans- portation routes including public transportation located directly across the street from the property.” Eider added; “Ultimately, the owner chose
Jef f rey I tzkowi tz o f Brach Eichler represent- ed the seller and Michael Bruno and Brian Shemesh of Giordano Halleran & Ciesla represented the buyer. According to Petrick “The project’s combination of mar- ket and affordable units will help the community meet
Transwestern'sMid-AtlanticMultifamilyGroup brokers apartment community for $17.85Million
lion, or $150,000 per unit. Multifamily investment sales remain extremely active in the market. This year, Transwest- ern has facilitated eight multi- family sales in the Baltimore and Washington, DC region, totaling 2,447 units and $470 million. The firm is currently marketing the sale of Balti- more workforce housing com- munities Coventry Manor and Westchester Gardens. Transwestern’s Mid-Atlan- tic Multifamily Group provides a full range of investment sales services throughout Maryland, Washington, D.C., Northern Virginia, Richmond, Baltimore and Delaware. The team’s recent client roster includes Sentinel Real Es- tate, Federal Capital Part- ners, Foulger Pratt with DLJ, Hampshire Properties, Aimco, Avalon Bay, Equity Resi- dential, The Bozzuto Group, Fannie Mae, AIG Investment, Morgan Properties, Goldman Sachs, JPMorgan, and Angelo Gordon. MAREJ
WINDSOR MILL, MD — Transwestern Real Estate Services (TRS) announced that its Mid-Atlantic Multifam- ily Group has brokered the sale of Queens Ridge Apartments, a 110-unit, value-add investment property in Windsor Mill, a northwest suburb of Baltimore. Signature Properties pur- chased the garden-stye asset for $17.85 million, or $162,272 per unit. Transwestern execu- tive vice presidents Dean Sig- mon and Robin Williams, vice president Justin Shay and senior associate Michael D’Amelio represented the seller in the transaction. “Queens Ridge is a strate- gic value-add purchase for Signature Properties. The im- mediate submarket is supply- constrained for multifamily product and the asset provides considerable upside potential to increase rental revenue by completing interior unit reno- vations,” said Sigmon. Situated within the Wind- sor Mill/Woodlawn residential
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PROPERTY MANAGEMENT
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INSURANCE/TITLE
Urbana Elementary School
Queens Ridge Apartments
neighborhood, Queens Ridge is minutes from I-695, I-70 and I-90, and walkable to the new Chadwick Elementary School, a key driver for fami- lies residing at the property. Throughout the pandemic, the asset has operated with a historically high occupancy of 98% or higher. “Investor interest was ex- tremely strong for Queens
Ridge due to its neighborhood location and spacious unit sizes. The community offers the largest two-bedroom floor plans in the submarket,” said D’Amelio. Queens Ridge is near Mil- ford Station at Pikesville, a 200-unit apartment complex Transwestern brokered to Philadelphia-based Gelfund earlier this year for $30 mil-
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ALSO INSIDE
People on the Move ............16C
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