31-Unit Chatham MF Trades for $7.2M

Chatham Arms, Chatham, NJ

CHATHAM, NJ — A joint venture between Stolar Capital and Vertical Realty Capital has acquired the 31-unit Chatham Arms in Chatham, NJ from Quad Realty for $7.2 million, representing $232,000 per unit and a 4.9 percent cap rate. “The existing owner took advantage of strong buyer demand and favorable pricing to pull equity out of an asset that they had owned for a number of years,” says Kevin McCrann , a managing partner at Redwood Realty , which brokered the transaction. “At the same time, the new buyers recognize the opportunity to make improvements to the asset in order to achieve higher rents.” “We are thrilled to add Chatham Arms to our growing portfolio and to partner once again with Jake and Joe Feldman from Vertical Realty ,” says  Peter Brosens , co-founder of Stolar Capital.  “Transit-oriented properties like this almost never trade hands and we are excited to harvest this project for the long term in a desirable town like Chatham.” Chatham is a high-demand housing market known for its top-rated schools and its easy access to New York City. Chatham Arms is a short 2-minute walk to Chatham’s New Jersey Transit train station, and it also is walking distance to the shops and highly-rated restaurants located in the town center.   “ Chatham Arms offers an incoming investor the opportunity to acquire a well-located property in a market that is highly sought after,” says McCrann , whose Redwood Realty Advisors’ team included Thomas McConnell, CCIM , managing partner; and Matthew Sandelands and Jeremy Wernick , investment associates.