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  • Cohen Investment Group sells Green Meadows Apts.

Marcus & Millichap inks sale of a $7,527,500 property

Toms River, NJ — Marcus & Millichap,announced the sale of a 52-unit fractured condominium package located in Toms River, NJ for $7,527,500 according to Jim McGuckin, regional manager, and Brian Hosey, broker of record, of the firm's New Jersey office.Andrew Townsend, Ridge McLaren and Clark Talone, investment specialists in Marcus & Millichap's Philadelphia office, represented the seller, a local private investor. Chez Eider, investment specialist in Marcus & Millichap's New Jersey office, represented the buyer, a privately held investment group.According to Townsend "We were hired exclusively to market the property, to provide the highest return for our client. This was achieved by pricing the investment opportunity at the most aggressive pricing, yet attractive to a wide range of buyers""The assignment was challenging, due to it being a fractured condo investment opportunity. The sale was a result of the collaboration of multiple Marcus & Millichap offices, to achieve maximum value for our seller. We ran a process through which we broadly marketed the property, provided many tours, and received multiple offers and with aggressive terms," said Eider. "The buyer pool ranged from private investors, regional owners to high net worth family offices. Ultimately the buyer selected, paid the full asking price, with no due diligence period (all due diligence performed prior to contract signing), and a significant non-refundable deposit at contract signing."Eider added, "We continue to have a great demand for quality multifamily investment properties, on both stabilized and value-add opportunities. We're still in a 'sellers' market'. READ MORE

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