CBRE Facilitates $9.65M Acquisition Of Vacant Garden-Style Community In Somerville, NJ

The closing of South Bridge Gardens in Somerville, New Jersey has been announced by Nat Gambuzza and Trevor Fiebel of CBRE. The garden-style community, consisting of 72 units across 5 buildings constructed in 1962, is located at 152 S Bridge Street. The property, which was recently affected by severe damage from Hurricane Ida, is situated in a flood zone. As a result, all residents were displaced, and the community was delivered vacant and gutted with temporary electric service in place. Despite these challenges, the purchaser plans to restore the community using the existing structure and implementing drainage systems to mitigate future flood damage. This presents a strong value-add opportunity in the Somerville market, allowing the purchaser to achieve strong rents after the completion of construction.

Summary of transaction details:

• Property Type: Vacant
• Transaction Amount: $9,650,000
• Units: 72
• Price Per Unit: $134,028
• Square Footage: 72,000
• Price Per Square Foot: $134
• Address: 152 S Bridge Street, Somerville, NJ
• Market: Somerville, NJ

This transaction was exclusively represented by Nat Gambuzza and Trevor Fiebel of CBRE, who successfully procured the purchaser. The property was owned and operated by long-term, multi-generational ownership and was acquired from the original developer shortly after its construction. With the community delivered vacant and in need of restoration, the purchaser saw an opportunity to add value to the property. Following the completion of construction, the buyer expects strong returns in the Somerville market.