Central Jersey apartment complex sells for $23M

Gebroe-Hammer Associates, a Livingston, New Jersey-based brokerage that recently touted the opportunity presented by multifamily investment in the Garden State following neighboring New York’s new rent laws, recently handled the $23 million sale of the 100-unit Waterside Villas apartment complex in Monroe Township, according to RE-NJ. The deal works out to around $230,000 per unit for the property at 1 Overlook Drive. Lakewood-based Olive Tree Management has sold the Waterside Villas, a 55-and-over community built in 2009 in the more affluent southeastern section of Middlesex County, to Fort Lee-based Sela Properties. [RE-NJ]