ROSELLE PARK, NJ—Grande Apartments, 240 West Sumner Ave., in this Union County suburb, fetched $12.17 million in a trade arranged by multifamily investment brokerage firm Gebroe-Hammer Associates of Livingston. Gebroe-Hammer's team of managing director Joseph Brecher and senior vice president Stephen Tragash exclusively represented the seller, Sumner Rose LLC, and procured the buyer, Landmark Companies, LLC. Previously, Gebroe-Hammer arranged the sale of the same property in 2006.
“The new owner, who assumed the current mortgage, is planning to implement a value-add renovation program to render Grande Apartments more competitive in the Roselle Park/Greater Union County submarket," Gebroe-Hammer's Brecher tells GlobeSt.com exclusively. "The buyer also owns a number of other properties in the area – a tremendous benefit when it comes to more efficient and effective property management practices.”
The 119-unit garden-apartment community is located on the borough's northwest border with Kenilworth and includes a mix of studio, one- and two-bedroom layouts. The apartments have been renovated with stainless steel appliances and wood cabinetry in the kitchens, new baths and individually controlled air conditioning units. The complex was 98% percent occupied at the time of sale, Gebroe-Hammer says.
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