Investor buys two multi-family properties.An affiliate of Englewood, N.J. based, Real Estate Equities Group, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , has acquired two multifamily properties in Holmdel from developer, Continental Properties. Cushman & Wakefield's Metropolitan Area Capital Markets Group orchestrated the approximately $8 million sale. Totaling 120 units, Holmdel Village and Laurel Village at Holmdel are 100 percent leased with wait lists. Holmdel Village is a 70-unit, income-restricted senior apartment community located on seven acres at the corner of Holmdel Road and Crape Myrtle Drive. Laurel Village at Holmdel is a 50-unit, income-restricted apartment community located on three acres at the intersection of Route 35 and Laurel Avenue. "Both assets provide dependable income and have limited capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. because they are relatively new construction," said Andrew Merin, who headed the assignment with Metropolitan Area Capital Markets Group investment brokers David Bernhaut, Gary Gabriel and Jose Cruz. "In addition to the properties' prime locations, attractive appearances and nearby amenities, their success can be attributed to a general undersupply un·der·sup·ply n. pl. un·der·sup·plies A supply smaller than what is appropriate or required. tr.v. un·der·sup·plied, un·der·sup·ply·ing, un·der·sup·plies of income-restricted--and in the case of Holmdel Village age-restricted--regional housing options," Cruz added. "In general, the Holmdel area has enjoyed both economic and population growth, supported by a high quality of life. This purchase represented an all-around sound investment for Real Estate Equities Group." "We feel this acquisition will be a great addition to our multifamily portfolio, which now consists of over 1,200 units throughout New Jersey and the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Hudson Valley region," according to Adam J. Kent, director of finance and acquisitions of Real Estate Equities Group. "It meets our current acquisition parameters, which is to upgrade our portfolio to newer, higher quality assets. The acquisition was funded through sale proceeds from a 1031 exchange on a property that our firm has owned for over twenty years TWENTY YEARS. The lapse of twenty years raises a presumption of certain facts, and after such a time, the party against whom the presumption has been raised, will be required to prove a negative to establish his rights. 2. ." Holmdel Village and Laurel Village at Holmdel are close to shopping, recreation, medical and cultural amenities. The town's high quality of life is enhanced by proximity to popular New Jersey shore communities, beaches, recreation parks and the PNC PNC Purdue University North Central (Westville, Indiana) PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress Bank Performing Arts Center A performing arts center, often abbreviated PAC, is a multi-use performance space that can be adapted for use by various types of the performing arts, including dance, music and theatre. . |
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