Cushman & Wakefield's Metropolitan Area Capital Markets Group this week orchestrated the sale of a 162-unit apartment portfolio in Neptune. Three properties, located at 300-400 Neptune Blvd. and 1819 Bangs Ave., traded from their original owner to an undisclosed buyer for $7 million.
The portfolio includes Neptune Gardens, Stratford Gardens and Harlee Gardens; historically, each maintained high occupancy. The properties sit just three miles east of the Garden State Parkway, and are easily accessible from regional thoroughfares including routes 33 and 35.
Cushman & Wakefield's Brian Whitmer, who headed the transaction with Andrew Merin and Donald Eisen, noted that the portfolio's generational seller sought to dispose of the assets prior to potential tax code changes in 2013.
"The opportunity to acquire three stable, quality multi-family properties directly from the developer attracted strong investor interest," he said. "Bidders also were drawn by Neptune's growing healthcare industry presence - highlighted by the recently completed Jersey Shore University Medical Center expansion - which has transformed the community over the past several years."
Cushman & Wakefield's Metropolitan Area Capital Markets Group, based in East Rutherford, N.J., specializes exclusively in investment sales of office, industrial, multi-family and retail properties throughout New Jersey, New York, Fairfield County, Conn., Pennsylvania and Delaware. The team has completed more than $16 billion worth of transactions since 2000.