(Read more on the multifamily market.)
SOUTH ORANGE, NJ-The Ridgewood Commons apartment building and an adjacent 15,000-sf commercial building have been sold for $12.3 million. The seller, a partnership of North Ridgewood Associates LLC & North Ridgewood Development LLC, was represented by Gebroe-Hammer Associates, which also secured the buyer, Ridgewood Commons LLC.
The Ridgewood Commons building, which is fully occupied, consists of 64 one- and two-bedroom apartments. The new owner plans to renovate the property at 10 North Ridgewood Ave. and add upgrades, including a health club. The adjacent property currently houses a retail tire store.
"This is the third time the building has changed hands in the past five years," says Kenneth Uranowitz, managing director of the Livingston-based Gebroe-Hammer. "Properties adjacent to New York City rail and bus transportation continue to appreciate and are in extreme demand.
"There was tremendous investor interest," Uranowitz says. "That resulted in a competitive bidding process, demonstrating the continued strength of the current market."
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