CBRE today announced that its New Jersey Investment Sales team has sold two multifamily properties in Middlesex County totaling $11.3 million. The buyers and the sellers in each of the transactions were new investors to each of the municipalities.
CBRE’s Nat Gambuzza and Trevor Fiebel were responsible for representing the sellers and procuring the buyers in each of the transactions, which included Heritage at Piscataway in Piscataway, New Jersey and Brookside Village in Jamesburg, New Jersey. They worked in collaboration with Jeffrey Dunne and Gene Pride of CBRE’s Stamford, Connecticut office.
“Investors are drawn to Middlesex County apartments due to its increasing population and diverse and growing employment,” said Gambuzza.
“As Northern New Jersey becomes further saturated with investors, helping our clients find opportunities in other markets is paramount to their success,” added Fiebel. “We are thrilled to help our clients capitalize on the sales of their assets while also positioning buyers to make the most out of new opportunities.”
Heritage at Piscataway, which is located at 100 Begonia Court, is an income restricted 55-plus active adult community that consists of 30 one-bedroom apartments and sold for $3.2 million.
Brookside Village, which is located at 28 Lake Street in Jamesburg, is a newly constructed property that consists of 42-apartments. The building, which traded for $8.1 million, has a variety of tenant amenities, including a fitness center, storage units, an outdoor gazebo and ample parking.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
