Team attracts more than 20 competitive offers on seller’s behalf for 52-unit complex

CBRE announced today that it has arranged the $6.2-million sale of a 52-unit garden-style apartment complex in Edison, New Jersey.

The sale of Washington Park Apartments – located on a 1.9-acre parcel at 1940 Lincoln Parkway, Route 27 – was facilitated by the CBRE team of Nat Gambuzza, senior vice president, and Spencer Beriont, associate.

The CBRE team served as the exclusive listing agent on behalf of the seller, Joseph’s Wish, LLC, and procured the purchaser. CBRE attracted more than 20 competitive offers for the development, which is fully occupied and where rents are currently running 45 percent below market rate. The property, comprising all one-bedroom apartments of various sizes, traded for a cap rate of less than five percent.

“This is a well-situated property – in proximity to public transportation, shopping and educational facilities – with rents running much lower than the market is capable of handling,” said Mr. Gambuzza. “We expect the new landlord to undertake renovations in order to start capturing the untapped upside in rental revenue.”

About CBRE Group Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website atwww.cbre.com.