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The View at 127 Talmage Ave. in Bound Brook — Courtesy: Veerman Asset Management
By Joshua Burd
A developer has sold a newly completed, 51-unit apartment building in Bound Brook for $15 million, in a deal arranged by Veerman Asset Management.
Manveer Sanghera, the real estate services firm’s CEO, completed the sale of The View at 127 Talmage Ave. after marketing the property during its initial lease-up phase. A private investor purchased the asset, Sanghera said, noting that the deal closed just after the building became fully occupied.
“The appetite for suburban new construction multifamily properties continues to soar, driven by the ongoing migration from the cities and the resulting increase in rents across central New Jersey,” Sanghera said. “Despite the recent volatility in interest rates, we witnessed robust interest in The View, with multiple competitive offers. Our ability to source competitive financing and expedite the closing process underscores the attractiveness of this investment opportunity.”
Jared Sobel of Walker & Dunlop assisted with financing, according to a news release. Meantime, The View is the second Bound Brook property that VAM has sold on the seller’s behalf.
It’s also the latest in nearly a dozen sales in the past 24 months that Sanghera’s firm has completed involving newer-construction multifamily properties, he said, citing the importance of attracting Section 1031 exchange buyers across various markets.
“I am proud of my firm’s ability to penetrate multiple markets simultaneously finding buyers looking to complete 1031 exchanges, even amidst historically low market velocity,” he said. “As inventory diminishes, buyers are increasingly willing to expand their geographic scope in pursuit of attractive opportunities. Veerman Asset Management has emerged as a market leader in northern New Jersey’s multifamily sector and remains committed to facilitating similar high-value transactions.”
Developer sells 34-unit Bound Brook rental building for $10.8 million, Veerman says
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