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NJ Workforce Housing Portfolio Fetches $146M
The Northern/Central New Jersey Workforce Housing Apartment Portfolio, a generational collection of seven multifamily high-rise and garden properties totaling 1,035 units, has sold to an undisclosed international buyer for $146 million. The properties are located in the New Jersey cities of East Orange, Newark, Asbury Park and Trenton.
A CBRE team of Jeffrey Dunne, Gene Pride and Eric Apfel, along with Nat Gambuzza, John Veniero and John McFadden represented the owner, Murnick Property Group, in the sale and also procured the buyer. The bidding process attracted more than 30 offers.
“We are proud of the relationships we developed with our tenants as we owned, operated and maintained these buildings over the last half-century,” said Jay Murnick of Murnick Property Group. “We hope that new ownership will continue to foster those relationships, and wish them well in their ongoing endeavors.”
Pictured: Munroe Towers in Asbury Park, NJ
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