M id A tlantic Real Estate Journal — New Jersey — July 2023 — 11B
www.marej.com
N ew J ersey
Three Middlesex County properties span Carteret, Sayreville & Edison, NJ Gebroe-Hammer Associates arranges $9.72M off- market multifamily portfolio sale in Central NJ
M
Edison are relatively rare.” In addition to nearby din- ing, retail, cultural and recreational amenities, the Middlesex County Portfolio properties also are accessible to NJ Transit rail service along the Northeast Cor- ridor, North Jersey Coast and Raritan Valley Lines as well as bus service to and from Midtown Manhattan and Philadelphia. The vast highway network includes New Jersey Turnpike/I-95, Garden State Parkway, In- terstate 287 and U.S. Routes 9 & 35. MAREJ
I D D L E S E X COUNTY, NJ — Gebroe-Hammer
“Central New Jersey in gen- eral and Middlesex County specifically is a melting pot for a highly educated-professional tenant base seeking to live in close proximity to incubators, labs and ground-breaking test centers,” said Brecher. “Be- cause of the presence of this demographic, the tenant-de- mand pipeline for apartments has been and continues to be robust. As a result, multifami- ly acquisition opportunities for properties like Byron Street Apartments, Townhomes at Veterans Park and the Apart- ments at Edison Station in
Associates has arranged the $9.72M off-market sale of a three-property Middle- sex County, NJ multifamily portfolio. The firm brokered the 53-unit transaction on behalf of the unnamed seller and procured the buyer, Golden Sky Equities , a long time client. Joseph Brecher , executive manag- ing director, and J oseph Gehler , vice president, spearheaded the Gebroe- Hammer brokerage team. Collectively comprised of studio (2 units), one-bedroom (25 units), two-bedroom (27 units) and three-bedroom (2 units) floorplans, some of which include townhome-style layouts, the properties are well positioned in the eastern and northwest sections of Middle- sex County. They include Byron Street Apartments, 7-11 Byron St., in Carteret (18 units); Townhomes at Veter- ans Park, 154-172 MacArthur Ave., in Sayreville (20 units); and the Apartments at Edison Station, 355 Plainfield Ave., in Edison (18 units). “As the second most-popu- lous county in the state of New Jersey, Middlesex is the state’s core corridor for residential, commercial and employment hubs with a transportation in- frastructure that extends well into Philadelphia and New York City,” said Gehler. “The submarket has experienced sustained tight conditions, setting the stage for enduring investment demand of early- to-late-20th-Century-era prod- uct experiencing a second and third act that is benefitting from new market deliveries.” Each of the portfolio proper- ties offers a full slate of features and amenities. These include hardwood, ceramic tile and/or luxury vinyl flooring; stainless- steel appliances; on-premises lot and/or garage parking; and on-site laundry centers and in- unit washers/dryers. Middlesex County, which is home to three universities, has several major award-win- ning healthcare organizations, pharmaceutical giants and a highly skilled labor pool. The latter includes a high concen- tration of chemists, biochem- ists, biophysicists, biomedical engineers, computer science professionals, data analysts and cybersecurity engineers.
Byron Street Apartments
48 Years of Leadership
Specializing in multifamily-focused investment sales while representing
private equity funds & institutional investors as well as generations of family offices & private individuals since 1975. Additional focus on marketing mixed-use & freestanding office & retail properties.
973.994.4500 • WWW.GEBROEHAMMER.COM • 2 W NORTHFIELD ROAD, LIVINGSTON, NJ 07039
Made with FlippingBook - Online catalogs