MOUNT ARLINGTON, NJ, February 18, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Carriage Club, a 105-unit apartment property located in Mount Arlington, NJ, according to Spencer Yablon, regional manager of the firm’s Philadelphia office. The asset sold for $18,625,000.
Ridge MacLaren, Andrew Townsend, Clarke Talone, Mark Thomson, Zachary Pierce and Steven Rutman, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by the listing team. Michael Fasano, Broker, assisted in closing this transaction.
Carriage Club is located at 1 Hillside Drive in Mount Arlington, NJ. This 105-unit community was built in 2003. “The property is a stable asset, in impeccable condition with proven economic performance, within close proximity to New York City,” said MacLaren. “However, from a marketing perspective, it was a bit of a ‘tweener’ – Too small for the institutions and too big for the smaller private investors. We had to really work to find the right buyer for this deal,” he added. “The eventual buyer assumed an existing Freddie Mac loan, which was another challenge to overcome. Some potential investors were unwilling to explore the assumption process,” noted Talone. Carriage Club features the most luxurious amenity package within a 20-mile radius, including a clubhouse, indoor heated pool, state-of-the-art fitness center, billiard room, library, putting green, and much more.
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With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.