SPARTA, NJ-Seasons at Sparta, a 34-unit, age-55+ active adult community, has been sold to an investor for $3.2 million in a transaction arranged by Gebroe-Hammer Associates.
The community, built in 2003, had been marketed off-and-on by G-H, and several other brokerages, over the course of six years. The Gebroe team of Stephen Tragash, exclusively representing seller 84 Sparta Avenue LLC, and Steven Follman, who identified the buyer, recently closed the sale.
“Multifamily brokerage is all about relationship-building, especially in a complex market like New Jersey where the majority of properties are owned by private investors and their families,” says Ken Uranowitz, managing director for Gebroe-Hammer. He noted that the investor-buyer has previously been a Gebroe client, and was brought in to this deal by Follman.
Follman adds that, “Over the long term, these types of multi-family properties perform very favorably – a fact recognized by the buyer who sought to expand his portfolio in the area.”
Tragash tells GlobeSt.com that the market for age-restricted housing is somewhat limited in Sussex County. “There were five or six units vacant at this community at the time of the sale,” he said, “but demand for apartment buildings has been much greater this year.”
“This investor was focused on the availability of a newer-construction building, well-maintained, that he believes he will be able to operate fully occupied,” Tragash says.
On-site community amenities at Four Seasons include concierge service, gathering spaces, a fitness center, parking, and laundry facilities. Each of the one- and two-bedroom apartments has air conditioning.
Seasons at Sparta is situated adjacent to the Sparta Township Senior Center where older adults can participate in a wide range of events and activities.
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