Berkadia Finalizes Sale of Garden-Style Elizabeth Apartments
Berkadia finalized the sale of Aberdeen Arms Apartments, a 52-unit, garden-style multifamily property in Elizabeth, NJ. Senior managing director Nat Gambuzza, senior director Trevor Fiebel and director Nick Balancia of Berkadia Morristown led the transaction on behalf of the seller, a Central New Jersey-based client who owned the property for more than two decades.
Aberdeen Arms Apartments sold for $8,775,000 to another New Jersey-based buyer at a per-unit price of $168,750. The property was 100% occupied at the time of the sale. Berkadia also arranged the financing for this purchase with a 15-year self-liquidating loan from a life company.
“Aberdeen Arms is a clean, well-cared for and professionally managed property,” said Gambuzza. “With costs of maintenance and capital expenditures rising, we have seen demand and value attributed by purchasers for properties that require less capex.”
Aberdeen Arms Apartments is located at 730-734 N. Broad St., near the North Elizabeth Train Station. The property was constructed in 1965 and features 10 one-bedroom and 42 two-bedroom apartments. It provides ample surface parking, a common laundry facility and central utilities. The buyer was attracted to the property’s immaculate condition along with below-market rents, providing a value-add opportunity.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout