Assignment

NAI DiLeo-Bram & Co.’s (NAIDB) brokerage team of David A. Simon, Chief Operating Officer, along with Associates Robert V. DiLeo, Matthew DiLeo and Vice President, Kyle Gerace were retained as the exclusive listing broker for a new-construction 56-unit townhome community in Northern Middlesex County

The team was tasked with marketing the property on behalf of the seller, Falcon Partners LLC, and procuring a buyer. Falcon Partners, a client with whom the firm has had a long-standing relationship, is a private equity and real estate investment holding company involved in the acquisition, enhancement and profit maximization of real estate holdings throughout the Northeast. 

Solution

When Falcon Partners completed construction of the newly branded Village at Falcon Point, it marked the delivery of a 56-unit townhome complex to the Port Reading section of Woodbridge, NJ. Located at 405 Falcon Point Way, just off Port Reading Avenue, The Village at Falcon Point featured a seven-building collection of 1BR and 2BR townhomes spanning 3.5 acres.

Each open-concept unit had a private entry and the finest appointments, including kitchens with cherry-wood cabinetry, stainless-steel appliances (refrigerator, oven/range, dishwasher & microwave) and granite countertops; breakfast bar; hardwood (living spaces) and plush carpet (bedrooms) flooring; walk-in closets; modern lighting fixtures and in-unit washer/dryers. Baths include dark wood and granite vanities and shower/tub or glass-enclosure shower with ceramic-tile surround.

In addition, The Villages at Falcon Point offered excellent proximity to downtown Woodbridge’s shopping and dining establishments; Woodbridge Station, with service along NJ Transit’s North Jersey Coast Line; and front-door NJ Transit Bus Service for Routes 48 and 116. It also is minutes from NJ Turnpike/I-95, the Garden State Parkway, US 1 & 9 and NJ 35 & 27.

Result

As the result of ownership’s sound hands-on management strategy, the property was quickly stabilized in the post-pandemic economy and fully leased. Subsequent to lease up, the NAIDB brokerage team successfully brought the offering to market during one of the most competitive multifamily investment cycles. The firm identified the unnamed buyer, who recognized the quality and geographic advantages of The Villages at Falcon Point as well as its upside over the short and long term. The transaction was brought to a successful close for an undisclosed price.