Sunday, January 25, 2015

Marcus & Millichap Completes $11.4 Million Sale in Atlantic County, NJ

  
The Gates at Somers Point Apartments, Somers Point, NJ

  
Nat Gambuzza
SOMERS POINT, NJ – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of The Gates at Somers Point, a 202-unit garden-style apartment complex in Somers Point, N.J.

The commercial real estate asset sold for $11,400,000 or $56,436 per unit.

The property is located on approximately five acres at 555 Shore Road in Somers Point near Shore Medical Center. The complex is composed of five buildings with mature landscaping and a desirable unit mix of mostly two-bedroom units.

Nat Gambuzza, vice president investments, and John Veniero, associate, both in Marcus & Millichap’s New Jersey office, represented the seller, WWW Associates. The buyer, whose name was not released, was also represented by Gambuzza and Veniero.



John Veniero
“The property attracted multiple offers and ultimately the best one was selected based on the purchaser’s track record for repositioning assets, understanding of the market and price,” says Gambuzza. 

Somers Point is a four-square-mile municipality located in the eastern portion of Atlantic County, approximately seven miles southwest of Atlantic City and 60 miles east of Philadelphia. 

It is a residential community well known for its marinas, boating, and fine restaurants.

 For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

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