BEDMINSTER, NJ-As the first wave of Baby Boomers begins to seek out retirement rental-living options, Gebroe-Hammer Associates reports an upsurge in investor demand for well-maintained age- and income-restricted properties such as Pluckemin Park here. The 50-unit garden apartment complex was recently sold by the Livingston, NJ-based firm for $4.35 million. Named as the exclusive brokerage firm for the property, Gebroe-Hammer sales associate Stephen Tragash represented the seller, Pluckemin Park, LLC, and vice president Scott Callahan represented the buyer, a longtime Gebroe-Hammer client.
Pluckemin Park is one of several age- and income-restricted multifamily investment sales closed by Gebroe-Hammer during the past few months. Recent transactions include representing the sellers and buyers of 251 units at Baldwin Oaks in Parsippany as well as 32 units in Warren County’s Washington Township.
“Properties like Pluckemin Park serve a unique demographic population and help local municipalities satisfy their Council on Affordable Housing requirements to provide reasonable housing for low-to-moderate income individuals age 62 and older,” managing director Ken Uranowitz tells GlobeSt.com. “A property sale of this type requires tremendous coordination with local officials, state agencies and, of course, the seller and buyer’s legal counsel to close the deal."
Located on Routes 202/206, Pluckemin Park's 15 buildings include 37 one-bedroom and 13 two-bedroom units with wall-to-wall carpeting, kitchens, appliances and individually controlled gas heat and central air conditioning.
“Pluckemin Park has a very distinct, old-time charm reflected in its buildings--several of which hail back to the 1800s and have been restored and preserved,” says Tragash, who also noted the complex includes a community room and one retail building that houses a nail salon. He adds, “Because today’s aging population is relatively healthy and there is an influx of Baby Boomers, demand for this type of housing is rapidly growing among tenants and investors alike."
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