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$4M Takes 48-Unit Apartment

HAMILTON TWP., NJ-White Horse Gardens is in the hands of a new private investor for $75,000 per unit.

By Eric Peterson | Updated on August 20, 2008

HAMILTON TWP., NJ-White Horse Gardens, a 48-unit apartment complex in this Trenton-area suburb, has been sold for $3.6 million, or $75,000 per unit. The complex at 60-66 White Horse Pike consists of three, three-story buildings with a dozen one-bedroom units and 36 two-bedroom units, and was 95% occupied at the time of sale.

Brokers from the Livingston, NJ-based Gebroe-Hammer Associates arranged the transaction, with sales associates Steven Follman and Elliot Schechter and EVP Joel Schwartz representing the seller and procuring the buyer. Neither party was identified, described only by the brokers as private investment groups. Legal counsel came from Morris Silberberg of Silberberg & Klein, Howell, NJ, and Harold Ritvo PC of Hackensack on behalf of the seller and buyer respectively.

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