Berkadia has successfully negotiated the sale of a two-property multifamily portfolio in New Jersey, marking the first sale in over 60 years, while addressing the seller's tax concerns through strategic planning.

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Berkadia has successfully negotiated the sale of a two-property multifamily portfolio, which includes the Lexington and Jefferson Apartments alongside the Century Apartments, located in Somerville and New Brunswick, New Jersey. Altogether, these properties present a total of 156 units and have been offered for sale for the first time in over 60 years, initially developed by the original family. This significant transaction highlights the enduring value of these multi-generational family assets within the real estate market.

The Lexington and Jefferson Apartments, located at 21 Oak Terrace, encompass convenient access to downtown Somerville, offering residents a vibrant atmosphere filled with various dining and nightlife options, as well as proximity to major employers and public transport. The property, constructed in the 1960s, features 118 units, including 64 garden-style apartments with private garages and a mid-rise building with 54 additional apartments. The unit configurations range from one to three bedrooms, with sizes spanning from 580 to 1,080 square feet.

Century Apartments, situated at 85 Easton Avenue, is ideally located in New Brunswick, providing easy access to Rutgers University, retail centers, parks, and commuter rail services. This 1969-built, elevator-served property comprises 38