Roselle Park's 119-Unit Grande Apartments Fetch $12.2M

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.”