ARA, A Newmark Company (ARA Newmark) and the New Jersey NGKF Capital Markets team announced the exclusive listing of a two-property, 446-unit multihousing portfolio offering, the first multifamily listing in New Jersey for ARA Newmark since the company was acquired by BGC Partners, Inc. in December 2014.
“Having ARA Newmark to help secure this type of assignment demonstrates the strength of the platform,” noted Steven M. Schultz, executive managing director for the NGKF Capital Markets team in New Jersey and co-lead advisor on this assignment. “We couldn’t be more excited to partner with Blake Okland and his team at ARA Newmark to continue serving our clients and building our multihousing platform in New Jersey,” added Mr. Schultz. Blake Okland, vice chairman, head of US multifamily for ARA Newmark, together with Mr. Schultz and Philadelphia-based Director Brett Segal, are serving as primary advisors on the transaction for Highview Homes, a New Jersey-based developer. “We are very impressed with the combined companies’ experience on both a national and local level,” stated John Abene, partner with Highview Homes.
The portfolio consists of two properties. Laurel Green is located in the thriving Mount Laurel submarket of southern New Jersey, just a half-hour drive from Philadelphia’s Central Business District. Morgan’s Bluff, located in the central New Jersey town of Sayreville on the Raritan Bay, is less than a one-hour drive from Lower Manhattan.
Both luxury, Class A, three-story, garden-style communities are strategically located near major employment centers, institutions of higher education, thriving retail markets and a variety of recreational and tourism destinations. The two phases of Laurel Green were constructed in 2014 and 2015, consisting of a total of 298 units. Morgan’s Bluff is currently under construction and will consist of 148 units upon completion, which is anticipated by year-end.
According to Mr. Schultz, “Highview recognizes that the combination of abundant capital chasing multihousing development, combined with significant barriers-to-entry and the limited supply of comparable new product for sale in this market, creates an opportunity to monetize their investment potentially earlier than they originally planned to sell these assets. They will be rewarded for shrewd timing and quality finished product, while a new owner will benefit from outstanding near- and long-term growth prospects at the asset level.”
Mr. Okland added, “We are pleased to be expanding the ARA Newmark platform’s coverage and continuing to add to our pipeline of available properties in the region. We anticipate further growth in the area as ARA Newmark continues to expand geographically across the nation.”
About ARA, A Newmark Company
ARA, A Newmark Company is the largest full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA, A Newmark Company comprises the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA, A Newmark Company’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of global resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of more than $12.4 billion in real estate transactions in 2014. For detailed information on ARA, A Newmark Company’s extensive multihousing investment services, visit www.arausa.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.