Colliers has successfully finalized the sale of 200 Park Avenue, a shovel-ready, plus-or-minus 1.47-acre multifamily development site located in Monmouth County.
The transaction was spearheaded by Colliers Vice Chair Jacklene Chesler, Senior Vice President Patrick Norris, and Transaction Manager Brittany Leventof.
At the time of the sale, the property offered investors a rare opportunity to bypass the lengthy entitlement process in one of Monmouth County’s most supply-constrained rental markets. The approved plans for the site outline a four-story, 52-unit multifamily residential building featuring:
- 32 one-bedroom apartments
- 18 two-bedroom apartments
- 2 three-bedroom apartments
- 101-space parking configuration
Situated directly across from the expansive 57-acre Freehold Raceway redevelopment and roughly half a mile from Freehold Borough Center—with direct NJ Transit bus service straight into Manhattan—the prime location proved highly attractive to prospective developers.
Colliers utilized a comprehensive and targeted marketing strategy to showcase the asset, generating significant interest from the marketplace:
- 168 executed confidentiality agreements
- 15 private site tours conducted
This robust outreach created a competitive bidding environment among prospective buyers looking to break ground quickly.
“The sale of 200 Park Avenue highlights the depth of demand for entitled multifamily sites in supply-constrained New Jersey markets,” Jacklene Chesler, Vice Chair at Colliers, said. “With approvals already in place, plus the momentum of the Freehold Raceway redevelopment directly across the street, buyers had a clear path to execution from day one. By running a broad, competitive process, we were able to deliver an excellent result for our client along with strong certainty of close.”
