Berkadia Negotiates Multifamily Portfolio Sale and Financing in Somerville and New Brunswick, New Jersey
Morristown, New Jersey – June 26, 2025 – Berkadia, a distinguished leader in the commercial real estate sector, announced today the sale of a two-property portfolio: Lexington and Jefferson Apartments, and Century Apartments. The two multifamily properties total 156 units and are located in Somerville and New Brunswick, New Jersey.
Senior Managing Director Nat Gambuzza and Senior Director Trevor Fiebel of Berkadia Morristown led the transaction on behalf of the seller and procured both respective purchasers while Senior Directors Josh Lipsey and Charles Rigoglioso handled the financing for Lexington and Jefferson Apartments. The properties were exclusively offered for sale for the first time since their construction over 60 years ago by the original developer family.
The Lexington and Jefferson Apartments along with Century Apartments sold to New Jersey-based purchasers at cap rates of 5.0%, and 4.9%, respectively.
“These multi-generational family assets are highly coveted by the investor community, consistently generating an overwhelming amount of interest,” said Fiebel. “However, they typically come with a significant amount of tax exposure for the seller. We identified the family’s concerns and worked closely with them in preparation for the sale of their entire portfolio, while also providing solutions for them to exit in a tax efficient manner through 1031 exchanges.”
“Efficiency and timing are paramount when coordinating these types of exchanges. We were tasked with creating a market for two separate sales, satisfying contingencies as quickly as possible, and timing the closings in proximity to each other so that proceeds could be allocated to multiple upleg opportunities.” said Gambuzza.
Located at 21 Oak Terrace, The Lexington and Jefferson Apartments affords convenient access to downtown Somerville’s vibrant dining and nightlife along with multiple major employers and public transportation. The property was built in the 1960s and features 118 units consisting of 64 garden-style apartments with individual garages and an elevator served mid-rise apartment building consisting of 54 units. The property offers an attractive unit mix consisting of one, two, and three-bedroom apartments ranging from 580 square feet to 1,080 square feet.
Located at 85 Easton Avenue, Century Apartments is situated in the heart of New Brunswick with convenient access to Rutgers University, employment opportunities, commuter rails, parks, and shopping centers. The elevator served building was built in 1969 and features 38 units with on-site laundry facilities, on-site maintenance, and off-street parking. The property features a diverse unit mix including studios, ones, and two-bedroom layouts ranging from 354 square feet to 737 square feet.
Berkadia Negotiates Sale of 156-Unit Multifamily Portfolio in Central New Jersey | REBusiness Online