Real Estate Journal — Owners, Developers & Managers — March 30 - April 12, 2018 — 27B
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M id A tlantic
O wners , D evelopers & M anagers The Volto Group sells 224-240 S 7th Ave., Highland Park, NJ
Wernick of Redwood Realty Advisors brokers $4 million sale in Middlesex County, New Jersey
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in the transactions. The Volto Group was the seller of the Highland Park property and Bay Harbor was the seller for the Edison apartment build- ing. The buyer for both assets is a multifamily investment firm based out of Bergen Coun- ty. In this case, the properties are located within two miles of one another, which also cre- ates management efficiencies for the new ownership,” added Wernick. Located halfway between New York and Philadelphia, Middlesex County is home to numerous Fortune 500 com-
panies, three universities and world-class healthcare and research facilities. “Middlesex County has really jumped onto the radar for regional inves- tors, and Jeremy was able to leverage that interest to attract a strong pool of buy- ers for these two properties,” said Thomas McConnell, CCIM, managing partner at Redwood Realty Advisors. The county has the second highest population in the state, and it is one of the few counties in the nation to hold a AAA bond rating fromStandard &Poor’s, added McConnell. n
dison, NJ — Red- wood Realty Advi- sors has brokered the
sale of two a p a r tme n t p r o p e r t i e s totaling 31 units for a c o m b i n e d price of $4 million. The two as s e t s are located in
Jeremy Wernick
224-240 S 7th Ave., Highland Park
Highland Park and Edison, and sold for a blended cap rate of 6% or $130,000 per door. “The two sellers benefited from the strong demand from Control Temp Mechanical Services expands operations GREEN BROOK, NJ — BRAVO! Group Services (BRAVO!) has acquired C-K Air Conditioning Inc. , head- quartered in Clifton, NJ, and has merged the operation with its existing Control Temp Me- chanical Services business. The new combined operation began operating as C-K Control Temp Mechanical, Inc. on March 9, 2018. Karen Martinez , BRAVO! Group Services president & CEO, said, “This partnership sig- nificantly expands our capabili- ties and commitment to growing our mechanical installation and service business.” n continued from page 17B 5 Multifamily Development . . . likely offer a slimmed-down, lifestyle-driven amenity pack- age, which may include ser- vices like refrigerated lockers for home grocery delivery or customer-driven parcel centers catering to online shoppers. 5. Customer Service Today’s great companies are often defined by exceptional customer service. The multi- family industry is not immune to this phenomenon. In order to attract and retain customers, multifamily companies need to recommit their focus toward delivering a fantastic living experience for their residents, both offline and online. At the end of the day, great customer service is what will lead to more leases, higher renewal percent- ages and long term satisfied residents. Dan Doyle is senior vice president at The Beach Company, headquartered in Charleston, SC. n
regional investors who are continuing to look to newmar- kets that offer opportunities to generate higher yield,” said
Jeremy Wernick , an invest- ment associate at Redwood Realty. Wernick represented both the buyer and the sellers
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