New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
CBRE Arranges Multifamily Sales in Central NJ
In separate transactions, CBRE arranged the sales of two multifamily properties located in Bound Brook and North Brunswick, NJ. Ashton Arms Apartment Complex sold for $3.1 million—one of the highest prices per unit on record for a Bound Brook multifamily asset—while Willow & Laurel, a garden-style apartment complex in North Brunswick, was acquired for $1.7 million.
The CBRE Tri-State investment properties team of Charles Berger, Elli Klapper and Jeremy Wernick represented the sellers and also procured both buyers.
“During these truly unprecedented times in the commercial real estate industry, our team was able to secure an exceptional price per unit in the sale of Ashton Arms,” said Berger. “The new ownership will be able to take advantage of a stable property with tremendous value-add opportunity, and rents that are significantly below market in an area that is seeing continued improvement and development.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
