In a world of rising apartment and warehouse rents, finding investors for multifamily and industrial assets in the Tri-State area is not difficult.
A number of recent sales in New Jersey and the lower Hudson Valley, as well as a development in Newark, reflect this interest.
In northern Brunswick, Northwood Estates apartments, a 253-unit garden-style community at 500 Adams Lane, have been sold in an off-market deal between undisclosed parties for $63.5 million. The sale was the first part of a 1031 exchange, which allows investors to defer capital gains taxes on the sale of a property if the proceeds are quickly used to make a similar real estate purchase.
The 21-building complex was built in 1974 and consists entirely of two-bedroom, two-bathroom units ranging from 1,086 to 1,199 square feet. The case was settled by David Jarvis of Gebroe-Hammer Associates.
In Newark, Jarvis also hosted a multi-family portfolio sale totaling 484 units for over $80 million. The buyer of the Skylark-North Newark portfolio was a long-time private investment client, while the seller was a private investment group.
In Elizabeth, Kislak Realty’s Joni Sweetwood arranged a $50 million sale of a 10-building, 324-unit portfolio between undisclosed parties. The deal also included two cell towers and was the most expensive multi-family sale in city history, according to CoStar.
On the industrial side, EverWest Real Estate Investors acquired a 215,000 square foot warehouse at 329 New Brunswick Avenue in Rahway, New Jersey, for $62 million, the Reported Trade Observer. The seller was an entity called 329 New Brunswick Avenue Owners LLC.
Denver-based EverWest has made strides in New Jersey’s industrial market, one of the strongest in the nation due to its proximity to 20 million consumers and nearly as many freeways (sorry, Garden State). Last year, EverWest paid $65.9 million for a three-building portfolio in Moonachie.
On the development front, Shorewood Real Estate Group started construction of a six-story mixed-use building on the site of the former Ballantine Brewery in Newark. The $88 million project at 80 Freeman Street will offer 280 units, including affordable housing, and 2,600 square feet of retail space.
The project, carried out in partnership with Bridge Investment Group, is expected to be completed in the first quarter of 2025.
Shorewood is also working on a mixed-use development in Queens, on the site of a Food Bazaar in Jackson Heights. The plans filed call for a six-story, 227,000 square foot development at 34-20 Junction Boulevard with 125 apartments.
In New York’s Hudson Valley, Tudor Gardens apartments in Port Jervis have sold for $14.3 million. The 140-unit complex at 29 Culvert Street and 103 Ryan Street is fully occupied. Kislak’s Matt Weilheimer brokered the deal, but the company did not disclose the buyer or seller.