Wernick of Redwood Realty Advisors brokers $4 million sale in Middlesex County, New Jersey
Edison, NJ — Redwood Realty Advisors has brokered the sale of two apartment properties totaling 31 units for a combined price of $4 million. The two assets are located in Highland Park and Edison, and sold for a blended cap rate of 6% or $130,000 per door.
“The two sellers benefited from the strong demand from regional investors who are continuing to look to new markets that offer opportunities to generate higher yield,” said Jeremy Wernick, an investment associate at Redwood Realty. Wernick represented both the buyer and the sellers in the transactions. The Volto Group was the seller of the Highland Park property and Bay Harbor was the seller for the Edison apartment building. The buyer for both assets is a multifamily investment firm based out of Bergen County. In this case, the properties are located within two miles of one another, which also creates management efficiencies for the new ownership,” added Wernick.
Located halfway between New York and Philadelphia, Middlesex County is home to numerous Fortune 500 companies, three universities and world-class healthcare and research facilities. “Middlesex County has really jumped onto the radar for regional investors, and Jeremy was able to leverage that interest to attract a strong pool of buyers for these two properties,” said Thomas McConnell, CCIM, managing partner at Redwood Realty Advisors. The county has the second highest population in the state, and it is one of the few counties in the nation to hold a AAA bond rating from Standard & Poor’s, added McConnell.