New Jersey Age-Restricted Community Sells for $30M
The property is currently undergoing unit renovations.
F.M. Ferrari Investments has acquired Royal Pines at Marlboro, an 89-unit age-restricted multifamily community in Englishtown, N.J. JLL Capital Markets brokered the $29.9 million transaction representing the seller, a joint venture between GRJ and Castellan Real Estate Partners.
Royal Pines previously traded in 2014 for $17.6 million, according to Yardi Matrix data. In 2020, the property became subject to a $15 million loan originated by UBS Bank, the same source shows.
While the community mostly serves adults aged 55 and over, 20 percent of units are reserved for tenants 35 years and over. Completed in 2008 and currently undergoing unit renovations, Royal Pines encompasses one- and two-bedroom apartments, ranging between 750 and 1,100 square feet.
Common-area amenities consist of a fitness center, community room, business center, game room, yoga studio and library. Units include washers and dryers, stainless steel appliances, walk-in closets and private patios or balconies. The community also features elevators, parking, after-hours security and video-monitored entrances.
The property at 362 U.S. Route 9 is within walking distance of New Jersey Transit 139 Bus Route stop, providing access to New York City, while Marlboro Recreation Center is 4.6 miles away.
The JLL Capital Markets Investment Sales Advisory team involved in the deal included Michael Oliver, Jose Cruz, J.B. Bruno, Steve Simonelli and Michael Zlotnick. According to Oliver, there is heightened demand for multifamily product in Monmouth County. The area’s market fundamentals are strengthening, while its rental housing stock is underserved.