Age-Restricted Multi-Housing Community in New Jersey Trades for $29.9M
MORRISTOWN, NJ—JLL Capital Markets announced earlier this week that it has closed the $29.9 million sale of Royal Pines at Marlboro, an 89-unit 55+ multi-housing community in Englishtown, NJ.
JLL represented the seller—a joint venture between GRJ and Castellan Real Estate Partners—in the sale to F.M. Ferrari Investments.
Royal Pines at Marlboro comprises one- and two-bedroom units averaging 859 square feet. Although the property is restricted to residents 55 and above, 20% of the residents can be 35 and older. The apartments feature stainless steel appliances, wood floors throughout, oversized walk-in closets, in-unit washers and dryers and private patios/balconies. Community amenities include elevators, after-hours security, video-monitored entrances, outdoor grills, a community room, game room, gym with spa-like locker room, yoga studio, business center and library. The property was built in 2008 and is currently undergoing renovations to all units.
The community, which is located at 362 US-9, has convenient access to retail centers, including Whole Foods, ShopRite and Home Depot. Royal Pines at Marlboro is also near NJ-18, providing access throughout the state and region via the Garden State Parkway and interstates 95 and 287. In addition, the New Jersey Transit 139 bus route stops within walking distance of the property, offering residents public transportation to New York City. The community also benefits from the area’s strong demographics, with an average household income of $175,331 within a three-mile radius and a growing 55+ population, which is currently at 17,584 people within the same area.
The JLL Capital Markets investment sales advisory team representing the seller was led by Michael Oliver, Jose Cruz, J.B. Bruno, Steve Simonelli and Michael Zlotnick.
“We continue to see incredible demand from capital sources for multi-housing product in Monmouth County,” said Oliver. “The area has strengthening fundamentals, while it is completely underserved for rental housing.”