LIVINGSTON, N.J.– April 19, 2013 – Multi-family investors have a penchant for Central New Jersey’s commuter-friendly locales, as evidenced by the recent $2.215 million sale of 21 units at Winding Woods in Edison. Gebroe-Hammer Associates’ Joseph Brecher, managing director, exclusively represented the seller, Winding Woods 1880 LLC, and identified the buyer.
“Situated just off Route 1 in the heart ofEdison, 18 of this property’s 21 units have been fully renovated within the last five years to include new kitchens and bathrooms,” said Brecher. “There was tremendous investor interest in this asset due to its prime location, the added value of recent capital improvements and the area’s strong renter population.”
Located at1880 Woodbridge Ave., adjacent toHighland Parkin the northern part ofMiddlesexCounty, Winding Woods is comprised of one- and two-bedroom garden apartment-style units with amenities such as on-site parking and laundry facilities. Rents range from about $725 to $1,375, depending on the unit. The property offers easy access to routes 18 and 287, and is just minutes from the Menlo Park Mall andMiddlesexCountyCollege.
Boasting high achieving public schools, a vibrant business environment and rich inventory of historic sites and buildings,Edisonhas emerged as one of the region’s most desirable places to live and raise a family. The township provides a range of outdoor spaces and recreational activities, including more than 20 playgrounds, softball fields and golf courses. The New Jersey Convention andExpositionCenterandJFKMedicalCenter, one of the state’s leading healthcare facilities and employers, also are located within the township.
“Practiced investors recognize that ever-strengthening multi-family fundamentals render this property class the best commercial real estate investment, given the current economic environment,” said Brecher. “Assets of this caliber, with a long history of high occupancy rates and steady rental growth, are further bolstered by the stability ofMiddlesexCounty’s dense commuter population.”
Legal counsel was provided by Anthony J. Marra, Jr., Esq. of Edison, N.J., on behalf of the seller, and Kenneth Gliedman, Esq. of Lichter Gliedman Offenkrantz PC of New York City, on behalf of the buyer.