2B — April 24 - May 14, 2020 — Owners, Developers & Managers — M id A tlantic Real Estate Journal


O wners , D evelopers & M anagers Cohen Investment Group sells Green Meadows Apts. Marcus &Millichap inks sale of a $7,527,500 property T

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O M S R I V E R , NJ — Ma r cu s & Millichap ,announced the sale of a 52-unit fractured condominium package lo- cated in Toms River, NJ for $7,527,500 according to Jim McGuckin , regional manager, and Brian Hosey , broker of record, of the firm's New Jersey office. Andrew Townsend, Ridge McLaren and Clark Talone , investment specialists in Mar- cus & Millichap's Philadelphia office, represented the seller, a local private investor. Chez Eider , investment specialist in Marcus & Millichap's New Jersey office, represented the buyer, a privately held invest - ment group. According to Townsend "We were hired exclusively to mar - ket the property, to provide the highest return for our client. This was achieved by pricing the investment opportunity at the most aggressive pricing, yet attractive to a wide range of buyers" "The assignment was chal - lenging, due to it being a frac- tured condo investment oppor- tunity. The sale was a result of the collaboration of multiple Marcus & Millichap offices, to achieve maximum value for our seller. We ran a process through which we broadly marketed the property, pro - vided many tours, and received multiple offers and with aggres - sive terms," said Eider. "The buyer pool ranged from private investors, regional owners to high net worth family offices. Ultimately the buyer selected, paid the full asking price, with no due diligence period (all due diligence performed prior to contract signing), and a signifi - cant non-refundable deposit at contract signing." Eider added, "We continue to have a great demand for quality multifamily investment prop - erties, on both stabilized and value-add opportunities. We're still in a 'sellers' market'. Long term owners are taking advan - tage of the high valuations, low interest rates, and out of area capital flowing in from New York to Los Angeles, and even Canada, especially other markets with lower yielding opportunities." The property is located at 1255 Rte. 66, Toms River, NJ, at the intersection of the Gar- den State Pkwy., Exit 83 and Rte. 9. The 52-units are spread across four separate garden- style buildings, located in a

1255 Route 66, Toms River, NJ



Green Meadows Apartments

private community, sprawled across nearly ten acres of land. The price represents a 5.2% cap, which was 100% of the list price of the property. Toms Riv - er, NJ has a stable apartment market with no rent control, which made this value-add op - portunity attractive for buyers. Marcus & Mi l l ichap an- nounced the sale of two mul - tifamily properties in Virginia Beach, VA. Green Meadows Apartments sold for $3.1 mil - l ion and Breezy Meadows Apartments sold for $4.525 million according to Benjamin Yelm , regional manager of the firm’s Hampton Roads office. “We are happy that we were able to deliver an extremely competitive marketing process for our seller. Given the timing of the close, all the uncertainty with COVID-19's effect on the investment sales process was a concern to all parties,” said Altay Uzun, first vice president investments in Marcus & Mil- lichap’s Hampton Roads office. Uzun and Justin Ferguson , associate in Marcus & Millic- hap’s Hampton Roads office, had the exclusive right to mar - ket the property on behalf of the seller, Cohen Investment Group . Uzun and Ferguson also procured the buyer, MRKT Capital. “The key here was keeping everyone focused on the long- term demand for multifamily which will remain and grow with time. An asset in a great location is still an asset in a great location no matter what's happening in the market,” adds

Owners, Developers &Managers GreenMeadows Apartments is a 24-unit multifamily prop - erty located on 0.38 acres 2.3 miles from Virginia Beach town center. Breezy Mead - ows Apartments is a 75-unit property located on 3.68 acres within walking distance to Virginia Beach Oceanfront.  Uzun. Hugh Cohen , president of Cohen Investment Groups (CIG) , states, “We were im - pressed by the focus and deter - mination Altay and his team took towards finding a buyer who ultimately performed at peak pricing in an uncertain time in the debt markets. We at CIG are appreciative to Marcus & Millichap in their efforts that we were ulti - mately able to get this across the finish line and reward our investors with a positive return on their individualized investments.”

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