CBRE Brokers $146M Sale of Multifamily Portfolio in New Jersey
EAST ORANGE, NEWARK, ASBURY PARK AND TRENTON, N.J. — CBRE has brokered the sale of a 1,035-unit multifamily workforce housing portfolio in New Jersey for $146 million. The portfolio benefits from high occupancy, 4.1 percent average annual rent growth and high resident retention.
“The market demand for this type of property is as strong as we have experienced,” said Jeffrey Dunne of CBRE. ” Renter demand for well-maintained Class B apartments is also at historic levels and expected to continue for years ahead.”
The sale included a generational collection of seven multifamily high-rise and garden properties, for a total of 1,035 units in the following locations: In East Orange, Washington Towers is a 14-story building with 197 units; Executive House is a 23-story building with 228 units; Ambassador Towers is a nine-story building with 161 units; Munn Heritage is a seven-story building with 75 units. In Newark, Parkview Gardens is a four-story building with 24 units. In Asbury Park, Munroe Towers is a 15-story building with 261 units. In Trenton, Lafayette House is a 12-story building with 89 units.
Dunne, Gene Pride, Eric Apfel, Nat Gambuzza, John Veniero and John McFadden of CBRE represented the owner, Murnick Property Group, in the transaction. From a bidding process that attracted over 33 offers, the CBRE team also procured the buyer, an undisclosed international investor.