SOUTH BRUNSWICK, N.J. — Marcus & Millichap has brokered the sale of a 120-unit apartment community in South Brunswick for $15 million. Fresh Ponds is located on 24.25 acres at 356 Ridge Road, close to Route 1, the Garden State Parkway and the New Jersey Turnpike. The sale price represents a per unit price of $125,000.
Fresh Ponds was first constructed in 1980. Since then, 85 percent of the units have received kitchen renovations. All of the apartments feature two bedrooms, one-and-a-half bathrooms and balconies or patios. Community amenities include a swimming pool, tennis courts, volleyball courts, walking trails and a clubhouse with a recreation room.
Marcus & Millichap's Philadelphia team of Ridge MacLaren, Dean Zang, Mark Taylor, Andrew Townsend and Clark Talone represented the seller. Assistance was provided by Russ Richardson of Richardson Properties Corp. MacLaren, Zang, Taylor Townsend and Talone also represented the undisclosed buyer. Local assistance was provided by Michael Fasano of Marcus & Millichap's New Jersey office.
“The property's infill location, the scarcity of comparable product and the presence of numerous large corporations in the area should allow the new owner to benefit from rent growth and high occupancy,” said MacLaren in a statement, adding, “This is an extremely low-density property with the space to build up to 60 additional units.”
— Coleman Wood