NEW BRUNSWICK--Marcus & Millichap Real Estate Investment Services, the nation’s largest Real Estate Investment Services firm, has announced the sale of a 42 unit apartment property located in New Brunswick, according to Michael J. Fasano, Vice President/Regional Manager of the firm’s New Jersey office.
The asset commanded a sales price of $4,682,000.
Maz Radwan, an Investment Specialist in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a New Jersey developer. Radwan also secured the buyer, a New York private investor.
The combination of the 1031 exchange and availability of financing provided the seller the confidence to work with the buyer and execute the timing of the exchange. Tom Monahan of Simon, Monahan, & Simon in East Brunswick was the legal representation for the seller and Robert Fee Esq. of Mt. Laurel represented the buyer.
This 1999 apartment contains 27 studios, 11 one bedrooms and four commercial units. Both buildings have on-site laundry and limited parking available.
Marcus & Millichap
www.marcusmillichap.com
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