Berkadia Brokers $5.35M Sale Of Multifamily Portfolio In North Plainfield

Nat Gambuzza and Trevor Fiebel of Berkadia have announced the closing of the Ridge and Cedar Apartments in North Plainfield, New Jersey. This multifamily property portfolio is located in Somerset County and consists of two buildings on opposite sides of Route 22. The Cedar Avenue property includes 23 apartments spread across two buildings, while the Ridge Avenue property features a 14-unit apartment community. Both complexes offer on-site parking and revenue-generating laundry facilities. The sale price for this portfolio was $5,350,000, with a cap rate of 4.5%. The two-property portfolio transaction was a hard contract at execution, representing the buyer's first acquisition in North Plainfield. The negotiation process led to favorable terms, and the due diligence phase concluded with the execution of the contract. The sale of the Ridge and Cedar Apartments marks the sixth transaction in Somerset County for Gambuzza and Fiebel, totaling over $77,000,000 in sales volume within recent months.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $5,350,000
• Market: North Plainfield
• Units: 37
• Price per Unit: $144,595
• Square Footage: 37,000
• Price per Square Foot: $145
• BROKERS: Brian Antognini, Spencer Beriont, Timothy Blashford, Michael O'Reilly, Nat Gambuzza, Trevor Fiebel - Berkadia

The sale of the Ridge and Cedar Apartments in North Plainfield involved a team of brokers from Berkadia, including Brian Antognini, Spencer Beriont, Timothy Blashford, Michael O'Reilly, Nat Gambuzza, and Trevor Fiebel. Their expertise and negotiation skills ensured favorable terms and a successful transaction. With this deal, the team has further solidified its presence in Somerset County, having completed six transactions in recent months with a total sales volume exceeding $77,000,000.