Sunday, October 10, 2010

Marcus & Millichap Sells $15 Million Multifamily Complex in Middlesex County, NJ

SOUTH BRUNSWICK, NJ – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Fresh Ponds (top left photo), a 120-unit 110,760-square foot multifamily complex in South Brunswick.

The sales price of $15 million represents $125,000 per unit and $135 per square foot.
 Ridge MacLaren (bottom left photo), Dean Zang (middle left photo) and Mark Taylor (lower right photo), vice presidents investments, Andrew Townsend and Clarke Talone, both multifamily investment specialists, in Marcus & Millichap’s Philadelphia office, and Russ Richardson, of Richardson Properties Corp., represented the seller. MacLaren, Zang,

Taylor, Townsend and Talone represented the buyer. Michael Fasano (top right photo), vice president of Marcus & Millichap’s New Jersey office, also provided representation.

“The property’s infill location, the scarcity of comparable product and the presence of numerous large corporations in the area should allow the new owner to benefit from rent growth and high occupancy,” says MacLaren. “This is an extremely low-density property with the space to build up to 60 additional units.”

 Located at 356 Ridge Road in South Brunswick, the property is close to Route 1, the Garden State Parkway and the New Jersey Turnpike.
Fresh Ponds was built in 1980 on 24.25 acres. The apartments are all two-bedroom/1.5- bath units with a balcony or patio.

 Approximately 85 percent of the kitchens have been renovated, some with stainless steel appliances, including dishwashers and microwave ovens. The apartments feature separate electrical HVAC heat pumps with central air conditioning.

Common area amenities include a swimming pool, tennis courts, volleyball, walking trails and a large clubhouse with recreation room.

The annual median household income in the area is $109,000.

Press Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

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