Jones Lang LaSalle

EXCLUSIVE: $36M Takes 436-Unit Apt. Complex
By Eric Peterson
Last updated: March 24, 2006 10:23am
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PISCATAWAY, NJ-Investment group Carlton Club LLC has acquired the Carlton Club Apartments here from the Fox Family, GlobeSt.com has learned. The 436-unit complex traded for $36 million, which factors out to just over $82,500 per unit.
Both the buyer and the seller were represented in the transaction by Jeffrey P. Wiener, president and co-managing director of the Kislak Co., Woodbridge, NJ. “The Fox Family is the original developer of this property, and the buyer has been a client of ours for three generations,” Wiener tells GlobeSt.com. “This sale met the real estate objectives of both the buyer and the seller.”
The complex at 23 Carlton club Dr. is made up of a total of 26, two-story garden-style apartment buildings. The new owners say they plan a series of renovations and upgrades throughout the property, which is currently 99% occupied.