As part of the first stage of a classic multifamily 1031 Exchange, Gebroe-Hammer Associates has arranged the off-market $63.5 million sale of Northwood Estates Apartments, a 253-unit garden-style community located at 500 Adams Lane in North Brunswick.
Executive Vice President David Jarvis orchestrated both sides of the property swap between the unnamed parties, along with Joseph Brecher, executive managing director, according to information provided by Gebroe-Hammer Associates.
Built in 1974, the 21-building complex occupies approximately 24 woodland acres and is comprised of all two-bedroom/two-bath layouts. Floor plans range from 1,086 to 1,199 square feet and include private balconies, hardwood floors, in-unit washer/dryers and kitchens with dishwashers.
The property, which is located within the Maple Meade neighborhood, also offers on-site laundry centers and paved-surface parking.
“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,” Jarvis said in the statement.