Family Office Acquires NJ Garden Apartments from Original Developer
Beradia arranged the sale of Marc Hampton Apartments, a 124-unit apartment community in the Monmouth County community of Matawan, NJ. Deal terms were not disclosed. Senior managing director Nat Gambuzza and senior director Trevor Fiebel of Berkadia Morristown led the transaction on behalf of the purchaser. Colliers’ Joseph Garibaldi, Thomas Walsh and Nick Vanderslice represented the seller.
Marc Hampton Apartments sold to Pentaurus Properties, a New Jersey-based family office. The property was owned by the original developer family since its construction in the 1960s.
“Value add, garden apartment communities are the most sought-after product in our space,” said Gambuzza. “This type of product, with good bones and an ability to modernize to today’s standards, will remain the area where investors seek to place capital.”
Located at 171 Matawan Ave., he garden-style community is comprised of 11 two-story buildings including a mix of one- and two-bedroom layouts with semi-private entrances. The 10-acre parcel includes 151 surface parking and 21 income generating garages along with a revenue generating common laundry facility.
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
Learn more
80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
Learn more
312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout