WANTAGE, NJ–Here is how the deal for the sale of The Regency at Sussex apartments for $6.75 million wound up in the hands of one particular broker, according to the seller: persistence – and “relentless calls.”
Stephen Tragash of Gebroe-Hammer completed the sale of the 100-unit garden-apartment complex at 10 Layton Rd., representing the seller and procuring the buyer.
“We chose Stephen for the exclusive listing,” says Michael Halpern, who owned the building in a limited partnership, “because my partners and I were impressed with his ability to dig in hard – demonstrated by his relentless calls and visits to the property these past few years – as well as his drive to make a deal happen.”
Halpern says, ”When the right time to sell finally occurred, we knew he had the tenacity to get it done. I am sure the buyer received the same level of commitment.”
Tragash notes that Sussex County is always a sought-after locale for multi-family investors – and tenants – given its proximity to major employment centers combined with a rural atmosphere and high quality of life.
In addition, The Regency at Sussex was attractive to investors because it is set on 70 developable acres with sewer lines and roadway infrastructure already in place. The site is large enough to accommodate more than 200 additional apartment units, according to Tragash.
“With nearby competitive properties operating in the 95% occupancy range, this asset presented a substantial value-add opportunity,” he tells GlobeSt.com. “The new owner plans to reposition this property to benefit from the area's resurgent housing market and continued movement in rents.”
Built in 1972, The Regency at Sussex has a mix of one- and two-bedroom units. Many units recently have been updated. On-site amenities include a playground and laundry facilities. Located near Route 23, the property is minutes from Crystal Springs Resort, a premier regional four-season resort.
The county has nine wildlife management areas, six state parks, two national parks, two major ski areas and 20 golf courses.
Continue Reading for Free
Register and gain access to:
- 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
© 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.
