Ashton Arms Apartment Complex Fetches One of the Highest Prices Per Unit in Bound Brook; Willow & Laurel is Extension of New Brunswick Revitalization
CBRE today announced the sales of two multifamily properties located in Bound Brook and North Brunswick, New Jersey. Ashton Arms Apartment Complex sold for $3.1 million—one of the highest prices per unit on record for a Bound Brook multifamily asset, while Willow & Laurel, a garden-style apartment complex in North Brunswick was acquired for $1.7 million.
The CBRE Tri-State Investment Properties team of Charles Berger, Elli Klapper and Jeremy Wernickrepresented the sellersand also procured both buyers.
“During these truly unprecedented times in the commercial real estate industry, our team was able to secure an exceptional price per unit in the sale of Ashton Arms,” said Mr. Berger. “The new ownership will be able to take advantage of a stable property with tremendous value-add opportunity, and rents that are significantly below market in an area that is seeing continued improvement and development.”
Located at 526 East Second Street in Bound Brook, New Jersey, Ashton Arms is a transit-oriented garden-style apartment complex locatedjust two blocks from the NJ Transit Bound Brook train station and downtown’s bustling shopping and entertainment area. The 20-unit multifamily property is comprised of 16 one-bedroom units and four two-bedroom homes.
“After multiple brokerage firms attempted to market and sell Willow & Laurel, we were able to use our vast experience in the Middlesex County multi-family market and nation-wide investor contactsto procure the buyer,” said Mr. Wernick. “The apartment complex is ideally situated in the heart of North Brunswick—an area undergoing a major revitalization—and provided a phenomenal value-add opportunity for the new ownership.”
Located at 708-718 Laurel Place and 681-691 Willow Avenue, the12-unit apartment complex offers large two-bedroom duplex homes in one of North Brunswick’s most heavily populated and stable residential neighborhoods.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
