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Apartment Complexes Trade for $5M

LIVINGSTON, NJ-The separate transactions involve a 42-unit property in South Jersey and a 58-unit complex in Pennsylvania.

By Eric Peterson | Updated on March 18, 2008

LIVINGSTON, NJ-Two apartment complexes totaling 100 units have been sold in separate deals with a combined value of just more than $5 million. The common link is that both transactions were orchestrated by Barry Mermelstein, sales associates and EVP Joel Schwartz of Gebroe-Hammer Associates, based here.

For one, the 42-unit, fully occupied Riverside Court in Riverside, NJ has traded for $2.5 million or $59,500 per unit. Located at 429 St. Mihiel Dr. and consisting of three brick buildings in the metro Philadelphia community, the property was sold by long-time owner Riverside Property Holdings. Also involved as brokers were Edward Hovatter of Sherman, Silverstein and Podelasky of Pennsauken, NJ and Jonathan Mel of Rutherford, NJ, representing buyer Norse Holdings.

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