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| The Gates at Somers Point Apartments, Somers Point, NJ |
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| 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.
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| 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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