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Berkadia Closes Sale Of Madison Apartments In Madison New Jersey For $11.65M With 34 Units

Property Image
SOLD
$11,650,000
Spencer Beriont
Nat Gambuzza
Nick Balancia

New Jersey

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MultiFamily40,000 SF
Sold 07/03/2025
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Property Image
SOLD

Berkadia Closes Sale Of Madison Apartments In Madison New Jersey For $11.65M With 34 Units

255 Main Street

See Similar Deals
MultiFamily40,000 SF
Sold 07/03/2025
Spencer Beriont
Nat Gambuzza
Nick Balancia
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$291
Total Square Footage:40,000 SF
Transaction Type:Sale

The property involved in this transaction is a multifamily asset located at 255 Main Street in Madison, New Jersey. The sale price of the property was $11,650,000, and it consists of 34 units within a structure totaling 40,000 square feet. The price per unit reached $342,647, while the price per square foot was $291.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $11,650,000
  • Units: 34
  • Square Footage: 40,000
  • Price Per Unit: $342,647
  • Price Per Square Foot: $291
  • Market: Madison
  • Closing Date: 07/03/2025

Nat Gambuzza, Spencer Beriont, and Nick Balancia, representing Berkadia, facilitated the closing of the property known as Madison Apartments. This sale represented a 34-unit garden-style community that had been managed by the seller for over 30 years. The transaction garnered significant interest, as evidenced by over 20 offers and tours occurring within three weeks of the initial launch, highlighting strong demand for such legacy assets.

Players

Nat Gambuzza
Berkadia
Nat Gambuzza
74 deals$917.5M volume
BROKER
Spencer Beriont
Berkadia
Spencer Beriont
24 deals$440.3M volume
BROKER
Nick Balancia
Berkadia
Nick Balancia
16 deals$107.4M volume(908) 642-1905
BROKER
Berkadia
Berkadia
BROKERAGE

Details

SOLD
IMAGE: Nat Gambuzza, Spencer Beriont & Nick Balancia DATE: 07/03/2025 ADDRESS: 255 Main Street MARKET: Madison ASSET TYPE: Multifamily BROKERS: Nat Gambuzza, Spencer Beriont & Nick Balancia (@nickbalancia) - Berkadia (@Berkadia) SALE PRICE: $11,650,000 UNITS: 34 ~ PPU: $342,647 SF: 40,000 ~ PPSF: $291 NOTE FROM BROKER: Nat Gambuzza, Spencer Beriont, and Nick Balancia are pleased to announce the closing of Madison Apartments in Madison, New Jersey. This Morris County sale comprised of a 34-unit garden-style community that was owned and cared for by the seller for over 30 years. The 34-unit community provided a strong value-add opportunity with well-below market rents in a municipality with no adopted rent control ordinance. Within 3 weeks of initial launch, the process procured more than 20 offers and 20 tours proving the strong demand for legacy assets such as these. The Berkadia team worked closely with the seller and procured the buyer who paid a record price per unit of $342,000 for a 1960’s garden asset. The property closed within 30-days of contract execution without any financing.

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