Crestwood Apartments sold for $6,000,000

Crestwood Apartments sold for $6,000,000

July, 2015:

Joseph Bernard Investment Real Estate sold the Crestwood Court Apartments for $6,000,000.  The 1974 built property featured a mix of one and two bedroom units with six townhome style units.  The seller purchased the property in April, 2013 for $4,200,000 and extensively upgraded the property prior to the most recent sale.  The property is well operated by Princeton Property Management (for both the seller and the current buyer).

Joseph Chaplik of Joseph Bernard Investment Real Estate represented the buyer, and Andrew Holowetzki (primary broker) and Bernard Gehret represented the seller.

 

63 Units featured mix of one and two bedroom units with upgraded landscaping

63 Units featured mix of one and two bedroom units with upgraded landscaping

Transaction Summary:

Price per unit:  $95,238

Price per square foot:  $131

Cap rate:  6.09%