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Thursday, 11 July 2019

Morgan Properties Puts Elizabeth, N.J., Apartments on Sales Block

Westminster Towers, a two-building apartment property with 203 units in Elizabeth, N.J., is being offered for sale. The 57-year-old property, at 801 North Broad St. and 1341 North Ave., is near a commuter rail station, providing easy access to Manhattan. It's being pitched as a potential value-add play, as only about 15 percent of its units have undergone upgrades. Those units saw monthly rental increases of as much as $250.

Commercial Real Estate Direct Staff Report

Westminster Towers, a two-building apartment property with 203 units in Elizabeth, N.J., is being offered for sale.

The property, at 801 North Broad St. and 1341 North Ave., is near the North Elizabeth N.J. Transit commuter rail station, providing easy access to Manhattan. It's also close to interstates 95 and 78 as well as the Garden State Parkway, providing access to employment hubs throughout the state, including Newark Liberty International Airport, the Port of Elizabeth, Kean University and the Union County Courthouse. The property includes two parking decks with a total of 172 spaces.

Morgan Properties, which had acquired the property in 2007, is offering it for sale through HFF. The brokerage recently was acquired by JLL.

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