DEAL OF THE DAY: CBRE Completes Sale of Two Rental Communities for $4 M
- May 27, 2008
By Anuradha Kher, Online News EditorTrenton, Mercer County, N.J.–CB Richard Ellis recently brokered the sale of two separately owned apartment complexes located in Trenton and Mercer County, N.J. for $4 million. Greenwood Avenue Gardens and Beechwood Gardens together contain 80 rental units.CB Richard Ellis’ Miller/McFadden Multi-housing Group lead by associate Mark Duszak represented both the sellers. Beechwood Gardens, located in the Hillcrest section of Trenton City, was bought for $3.1 million. The 62-unit, four-story apartment complex was built in 1964 and is currently 48 percent occupied. The complex sits on 1.15 acres of land.Greenwood Avenue Gardens, an 18-unit, three-story property at 1020 Greenwood Ave., was sold for just under $1 million. Ninety-five percent of the units at Greenwood have been recently renovated. The property is situated on .32 acres of land and has an all-brick exterior.“Trenton’s multi-housing market is unique due to its limited supply of stock,” says Duszak. “Rent growth continues to increase due to strong rental demands.”The city of Trenton has both rent control and vacancy decontrol and adjusts the annual rental increase two times per year, which is currently at 3.8 percent per annum.