A Middlesex County multifamily portfolio has come online for sale, offering seven buildings totaling 135 units in one of New Jersey’s tightest rental markets. Located in Iselin, Avenel, Rahway and Colonia, the properties – all developed within the past five years – are 98 percent occupied, according to Cushman & Wakefield, which is representing the seller.
“Middlesex County is an affluent and thriving economic area with an average household income over $109,000, a population exceeding 845,000, a strong corporate presence, and world-class educational and health care facilities,” noted Cushman & Wakefield investment sales specialist Andy Schwartz, who is heading the assignment with Brian Whitmer, Mark Phillips and other members of the firm’s New Jersey capital markets practice. “The Woodbridge submarket, where this portfolio is located, has a multifamily vacancy rate of just 6 percent, with projected rent growth of more than 13 percent in the next 5 years. In short, this is a highly attractive opportunity for any investor looking to gain or grow a foothold in a thriving multifamily market.”
The properties feature contemporary designs and high-end materials and finishes, such as hardwood floors, ceramic tile, Silestone countertops and stainless-steel appliances. “The builder placed a great amount of thought and pride into the construction of these buildings, which has been instrumental in their rapid and sustained high occupancy,” Schwartz noted. “Because these assets are virtually new and so well constructed, there is no deferred maintenance. Additionally, their proximity to one another – all within a five- or 10-minute drive of one another – enables highly efficient management.”
Portfolio addresses include at 444 Lincoln Hwy. in Iselin, which is within walking distance of the Metropark transit hub (providing access via NJ Transit to New York City in under 50 minutes); 1400 St. George Ave., 475 Avenel St., 345 Edgerton Blvd. and 151 Piper Ave. in Avenel; 1299 St. George Ave. in Colonia; and 195 W. Scott Ave. in Rahway. The offering provides additional upside opportunity through the acquisition of a fully approved, 39-unit development site located adjacent to the Edgerton Blvd. property. Offers with or without the development site will be considered.
Based in East Rutherford, Cushman & Wakefield’s New Jersey investment sales team specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York, and Fairfield County, Conn. The group has completed $27 billion worth of transactions since 2000, closing over $2.2 billion in sales in 2017.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
