Undisclosed Buyer Pays $7M for Neptune Apartment Portfolio

NEW JERSEY—An undisclosed buyer has paid $7 million for a 162-unit apartment portfolio in Neptune, N.J. Cushman and Wakefield’s Brian Whitmer, Andrew Merin and Donald Eisen led the transaction.

Comprised of three properties located at 300-400 Neptune Blvd. and 1819 Bangs Ave. the complexes include Neptune Gardens, Stratford Gardens and Harlee Gardens.

“The opportunity to acquire three stable, quality multifamily properties directly from the developer attracted strong investor interest,” said Whitmer. “Bidders also were drawn by Neptune’s growing healthcare industry presence – highlighted by the recently completed Jersey Shore University Medical Center expansion – which has transformed the community over the past several years.”