$4 Million Takes Two Apartment Buildings

TRENTON, NJ-The Philadelphia office of CB Richard Ellis recently brokered the $4 million sale of two apartment complexes here. The properties, Beechwood Gardens and Greenwood Avenue Gardens, have a combined total of 80 units. The names of the buyers and sellers were not disclosed.

The sellers of the separately owned complexes were both represented by associate Mark Duszak, who leads CBRE’s Miller/McFadden Multi-housing Group. He was assisted by executive vice presidents Robert Miller and John McFadden and senior associate Corey Lonberger.

Beechwood Gardens, located in the Hillcrest section of the city, was the first property to move. The 62-unit, 44-year-old building on nearly 1.2 acres of land was sold for $3.1 million. The property, which is located near Caldwater Park, Waterfront Park and the Sovereign Bank Arena, is slightly less than 50% occupied.

“Trenton’s multihousing market is unique due to its limited supply of stock,” says Mark Duszak in a company statement. “Rent growth continues to increase due to strong rental demands. Beechwood Gardens is a great example of a local operator understanding this trend and purchasing a half-vacant apartment complex for $50,000 per unit.”

Greenwood Avenue Gardens, located at 1020 Greenwood Ave., was next to be sold, for just under $1 million. Ninety-five percent of the units in the 18-unit building were renovated recently.