HFF to market multifamily complex in Bound Brook at $50M valuation

New York-based developer Sturm Asset Management has tapped HFF to market its 145-unit Queens Gate apartment complex in Bound Brook, Real Estate Alert reported last week. The property at 675 Tea Street is being marketed at a price of $345,000 per unit — $50 million — and is 92 percent occupied. Queens Gate consists of two-bedroom, two-bathroom units built and renovated in 2014 and 2016, respectively. The complex itself consists of three four-story properties with first-level parking on 9 acres. A potential buyer’s initial annual yield will approach 5 percent, according to REA. In recent years, Bound Brook has seen a number of developments crop up, including Capodagli Property Company’s Meridia Main Station and Sterling Bridge Investment Partners’ development at 15 West Main Street, the site of the former Ooh-La-La’s Gentlemen’s Club. My Central New Jersey reported in March that the borough is at work on the redevelopment of its downtown train station plaza, which could create other development opportunities. [REA]