DOVER, NJ-Gebroe-Hammer Associates has arranged the sale of a 27-unit apartment complex in a restored factory complex here for $4 million, GlobeSt.com has exclusively learned.
Multi-family investment opportunities anywhere in Morris County - one of the state's wealthiest and most populous counties - are highly sought-after, notes Stephen Tragash. He represented the seller and also identified the buyer for Lion Gate at Granny Brook.
“Well located multi-family properties that offer residents a combination of luxury and value are always in high demand,” Tragash said.
The Lion Gate apartments are set 31 miles northwest of New York City, which helped attract “tremendous interest from the investment community,” said Tragash. “Prospective buyers were drawn to this property's timeless architectural design and premier central Morris County address,” he added.
Lion Gate at Granny Brook opened last year in therestored Carson & Gebel Co. Ribbon factory building at 91 Park Heights Ave. The three-story brick complex has a mix of studio, one- and two-bedroom apartment units; on-site parking; and two laundry rooms.
Units have 12-foot ceilings, ceramic-tile baths, granite vanities in the baths and wall-to-wall carpeting.
Clara Maass Medical Center is within walking distance. The Rockaway Townsquare Mall and business district are close by.
“This property represented a rare opportunity to acquire a brand-new elevator building in the heart of Morris County,” said G-H's president, Ken Uranowitz. “Given the market area's low vacancy rates, stable rent occupancies and strong demographics, this asset has significant upside potential.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
