Jones Lang LaSalle

Garden Complex Trades for $7M
By Eric Peterson
Last updated: February 28, 2006 10:49am
(To read more on the multifamily market, click here.)

MATAWAN, NJ-Matawan Village, a 72-unit garden apartment unit, has been sold for $7 million, a number that factors out to approximately $97,000 per unit. The seller, who was not identified, was represented in the all-cash transaction by Vito DeGennaro, sales director for Gerber/Somma Associates, based in Hackensack.

Legal details were handled for the seller by attorneys Jerold Zaro and Melanie Scroble of the firm of Ansell, Zaro, Grimm and Aaron, Ocean Township. The New York City-based buyer, who was similarly not identified, was represented by attorney Meyer Jeger of New York City.
Built in the 1960s, Matawan Village consists of five two-story buildings on a four-plus-acre tract at 119 Morristown Rd. in this Monmouth County community, according to DeGennaro. The property is currently managed by Simon Property Management LLC, a division of the Linden-based Simon Holdings Inc.