Berkadia Announces $4.85M Sale Of East Gate Apartments In Bound Brook, NJ

The East Gate Apartments in Bound Brook, New Jersey have recently been sold for a price of $4,850,000. This multifamily asset consists of 30 units, with each unit priced at approximately $162,000. The sale was closed by the renowned brokers Nat Gambuzza and Trevor Fiebel from Berkadia, who exclusively represented the seller and successfully procured the buyer. The transaction involved a hard contract at execution and was achieved at a sub 5% cap rate, even in a rising interest rate environment.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $4,850,000
• Address: 555 E High St, Bound Brook, NJ
• Market: Bound Brook, NJ
• Brokers: Nat Gambuzza & Trevor Fiebel - Berkadia
• Units: 30
• Price Per Unit: $161,667

The East Gate Apartments, constructed in the 1960s and held by long-term ownership, are a garden-style complex comprising of four buildings. The property offers on-site parking, central utilities, and a revenue-generating laundry facility. The transaction not only marks the buyer's first investment in the Borough of Bound Brook but also showcases the strong negotiation skills of the Berkadia team, who secured favorable terms including a hard contract at signing and a below-market cap rate.