Berkadia Brokers 114-Unit Multifamily Portfolio Sale In Atlantic County For $22M

The Main Road Apartments and Colonial Court Apartments, located in Hammonton, New Jersey, have been sold for a total price of $22,000,000. The multifamily property consists of 114 apartments, with a price per unit of approximately $193,000. The Main Road Apartments, a newly constructed property with 42 apartments, was included in the portfolio sale along with the 72-unit Colonial Court Apartments, constructed in 1967. The sale also included a single-family home situated on Main Road. The transaction was handled by the team at Berkadia, represented by Nat Gambuzza, Trevor Fiebel, Brian Antognini, Spencer Beriont, Timothy Blashford, and Michael O'Reilly.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $22,000,000
• Number of Units: 114
• Price Per Unit: $193,000
• Square Footage: 115,000
• Price Per Square Foot: $191
• Market: Atlantic County, Hammonton

Nat Gambuzza and Trevor Fiebel, along with the team at Berkadia, successfully negotiated the sale, ensuring a hard contract and three seller extensions. The properties, located only a mile apart, offered a valuable investment opportunity in the Hammonton area. The buyers were able to secure a replacement property with the assistance of the brokers, who facilitated the transaction with expertise and efficiency.