MOUNT ARLINGTON, NJ—Carriage Club Associates, in a $23.45 million deal brokered by Gebroe-Hammer Associates, is selling its 106 multifamily unit property, The Carriage Club, 1 Hillside Dr., to a private investor.
The Gebroe-Hammer brokerage team of vice president Adam Zweibel and senior vice president Stephen Tragash represented the seller and procured the private investment group buyer in the transaction. The price works out to $231,000 per unit.
Built in 2003, Carriage Club is a class A, 55-and-over apartment-rental community offering a mix of one- and two-bedroom units, the latter of which offers a choice of one or two baths. The clubhouse community is a magnet for empty nesters and retirees drawn to Carriage Club's new construction, quaint family-friendly locale and proximity to major highways, bus and rail lines, and shopping, dining and recreational venues.
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