Sitar Realty Company, Iselin, New Jersey announced the recent sale of a 27-unit apartment building in Wall Township, New Jersey for $2,200,000. Robert JanTausch, Senior Associate and Ronald Schrader Jr., Vice President, represented the seller, the original developer, and the unnamed buyer.
The two-story elevator building is located at 2538 Belmar Boulevard, Wall Township. Built in 1992, the property is deed restricted for senior citizens and was known as Colfax Senior Apartments. The property is being rebranded as Allaire Apartment Homes. The seller engaged Sitar on an exclusive basis to market and sell the property.
Schrader said, “The property’s central location in Monmouth County and proximity to the adjacent Colfax Plaza is perfect for the senior tenants the property is meant to serve. The tenants really appreciate the convenience of living close to amenities they enjoy.”
The transaction was all cash with a short due diligence period.
The purchaser intends to make interior renovations and continue to serve the tenants in the first class manner to which they were accustomed by the previous owner.
JanTausch joined Sitar Company in 2008 and has completed over 511,000 square feet of leasing and sales in Wall Township.
Schrader joined Sitar Company in 2006 and specializes in the sales of investment properties, landlord/tenant representation, as well as property and asset manager services.
Based in Iselin, New Jersey, Sitar Realty Company-TCN Worldwide is the largest remaining privately owned commercial real estate firm in New Jersey. The firm has been in existence since 1978. Sitar Realty Company specializes in retail, office and industrial leasing and sales, property disposition, consulting, investments, property management, rent receiverships, development and property tax consulting/tax appeals. The firm has consistently represented owners, developers and corporations for some of the largest leases signed in the New Jersey metropolitan area. Sitar Realty Company also has an office in Sea Girt that focuses on both commercial and residential real estate.
In 2011, Sitar Realty Company was selected to become a member of TCN Worldwide. TCN Worldwide is comprised of more than 5000 commercial real estate professionals serving more than 200 markets worldwide. As a member of the TCN Worldwide system, Sitar Realty Company is able to provide corporate real estate services to its clients in national and international markets utilizing the best local expertise.
For more information, please visit the Sitar website at www.sitarcompany.com.