New Jersey Age-Restricted Community Sells for $30M

F.M. Ferrari Investments has acquired Royal Pines at Marlboro, an 89-unit age-restricted multifamily group in Englishtown, N.J. JLL Capital Markets brokered the $29.9 million transaction representing the vendor, a three way partnership between GRJ and Castellan Actual Property Companions.

Royal Pines beforehand traded in 2014 for $17.6 million, in response to Yardi Matrix knowledge. In 2020, the property turned topic to a $15 million mortgage originated by UBS Financial institution, the identical supply exhibits.

Whereas the group largely serves adults aged 55 and over, 20 p.c of models are reserved for tenants 35 years and over. Accomplished in 2008 and at the moment present process unit renovations, Royal Pines encompasses one- and two-bedroom flats, ranging between 750 and 1,100 sq. ft.

Frequent-area facilities include a health middle, group room, enterprise middle, sport room, yoga studio and library. Models embody washers and dryers, stainless-steel home equipment, walk-in closets and personal patios or balconies. The group additionally options elevators, parking, after-hours safety and video-monitored entrances.

The property at 362 U.S. Route 9 is inside strolling distance of New Jersey Transit 139 Bus Route cease, offering entry to New York Metropolis, whereas Marlboro Recreation Middle is 4.6 miles away.

The JLL Capital Markets Funding Gross sales Advisory workforce concerned within the deal included Michael Oliver, Jose Cruz, J.B. Bruno, Steve Simonelli and Michael Zlotnick. Based on Oliver, there’s heightened demand for multifamily product in Monmouth County. The realm’s market fundamentals are strengthening, whereas its rental housing inventory is underserved.