The recent $63.5 million off-market sale of Northwood Estates Apartments in North Brunswick, New Jersey, was the first stage of a classic multifamily 1031 Exchange.
Located at 500 Adams Lane, within the Maple Meade neighborhood, the 253-unit garden-style community encompasses 21 buildings and is situated on approximately 24 woodland acres. All units comprise two-bedroom and two-bathroom layouts with floorplans ranging from 1086-1199 square feet.
Built in 1974, the units feature private balconies, hardwood floors, in-unit washers/dryers, and kitchens with dishwashers. Community amenities include on-site laundry centers and paved-surface parking.
Gebroe-Hammer Associates handled the exchange. Executive Vice President David Jarvis, along with Executive Managing Director Joseph Brecher, organized both sides of the property swap between the undisclosed parties
“Northwood Estates is centrally situated along the township’s South Brunswick boundary in one of the most desirable upper-income neighborhoods where housing demand is very tight, as characterized by its nationally-low vacancy rate,” said Jarvis. “In addition to its inherent untapped potential, Northwood Estates’ all two-bedroom floorplans have tremendous appeal among the area’s highly educated workforce of executives, physicians, lawyers and PhDs who call this neighborhood home.”
“Thanks to its Southwest Middlesex County submarket positioning, Northwood Estates offers excellent accessibility to all this major residential, employment and retail hub has to offer,” added Brecher. “It has emerged as the heart of New Jersey where numerous Fortune 500 companies tap into a highly talented and educated labor pool and a vast transportation infrastructure.”