New Jersey deals surpass $11M

Price represents modest per-unit value

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Two New Jersey apartment communities have sold for a total of $11.3 million to different buyers. In the first deal, Connolly Properties purchased Watchung Gardens from NYC-based PLP Management for $7.5 million. The 102-unit asset, located at 802 E. Front St. in Plainfield, was fully occupied at the time of sale. In the second transaction, Rephman Inc. sold a 40-unit multifamily complex at 801 Lexington Ave. in Lakewood for $3.8 million. A local investor purchased the fully occupied property, which primarily consists of three-bedroom apartments with elevator service. ...