NEWTON, N.J., June 7, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of Brookside Terrace, a 222-unit HUD property in Newton, New Jersey. The apartment complex consists of a 10-story high-rise building along with townhouses. Built in 1976 on 7.2 acres, the property is located at 33 Mill Street in Newton, one hour from Manhattan.
“This was an extremely complicated transaction that involved multiple state housing agencies and a conversion to the Housing and Urban Development’s RAD 2 program,” says Andrew Townsend, vice president investments in Marcus & Millichap’s Philadelphia office. “We commend both the buyer and seller for their patience and hard work in getting this deal to the finish line.”
Townsend, along with Ridge MacLaren, first vice president investments and Clarke Talone, senior associate, both also in the firm’s Philadelphia office, represented the seller and procured the buyer. J.D. Parker, senior vice president – district manager, supervised the deal as the firm’s broker of record in New Jersey.
“We are seeing more and more apartment investors actively pursue HUD and Low Income Tax Credit opportunities as an alternative to market-rate apartments, which are highly competitive and typically have lower yields,” adds MacLaren. “Our team has built a 10-year track record of success in the affordable housing space in the Mid-Atlantic and Northeast. We currently have assets listed and under contract from North Carolina to New York and are actively pursuing new business.”
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com