12/7/2007

Trenton, N.J., apartment building trades for $17.5M

by

333 West State St.

Mr. McGaw

Massey Knakal Realty Services sold a 15-story apartment building known as the Carteret Arms Apartments in Trenton, N.J. for $17.5 million.

Massey Knakal broker Landon McGaw represented the seller with partners Brian Leary and Tim King.

Connolly Properties Inc., a Plainfield, N.J.-based investment company acquired the building in an all cash deal. Connolly owns and manages over 2,000 rental units in New Jersey and Pennsylvania.

The building is located on West State Street between Rutgers Place and Calhoun Street. It spans 230,500 square feet and contains 270 residential units and six spaces suitable for retail. The deal also includes a parking lot for 195 vehicles. The sale price worked out to $65,000 per unit - the highest price ever paid per unit for a residential retail building in Trenton. It was fully occupied at the time of sale.

McGaw is a director of sales in the company's Brooklyn office specializing in the Red Hook, Cobble Hill, and Columbia St. Water Front districts.

Address: 333 West State St., Trenton, N.J.

Size: 15-story/230,518 square feet

Built: 1958

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Filed Under: Multi-Family

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