Marcus & Millichap completes $11.4m sale of a 202-unit apartment complex in Somers Point, NJ
SOMERS POINT, NJ — Marcus & Millichap announced the sale of The Gates at Somers Point, a 202-unit garden-style apartment complex in Somers Point, NJ. The commercial real estate investment asset sold for $11,400,000 or $56,436 per unit.
The property is located on almost five acres at 555 Shore Rd. in Somers Point near Shore Medical Center. The complex is composed of five buildings with mature landscaping and a desirable unit mix of mostly two-bedroom units.
Nat Gambuzza, vice president investments and John Veniero, associate, both in Marcus & Millichap’s New Jersey office, represented the seller, WWW Associates and the buyer, whose name was not released.
"Several challenges were faced in marketing The Gates," said Gambuzza. "In addition to the effects of the economic turmoil in nearby Atlantic City, the property had Freddie Mac debt that needed to be assumed."
Despite all the obstacles, several offers were produced and ultimately the best offer was selected based on the purchaser’s track record for repositioning assets, understanding of the market and price.
Somers Point is a four-square-mile municipality located in the eastern portion of Atlantic County, approximately seven miles southwest of Atlantic City and 60 miles east of Philadelphia. It is a residential community well known for its marinas, boating, and fine restaurants.