SPRINGFIELD, NJ—The Kushner Real Estate Group, in partnership with Avenue Realty Capital, has acquired the 228-unit garden-style Summit Hill Apartments, 100 Stone Hill Rd., Springfield, NJ for $70 million, or $307,017 per unit, from Segal & Segal, according to Real Capital Analytics, a proprietary research database.
Gebroe-Hammer Associates executive vice president Greg Pine and vice president Gehane Triarsi exclusively represented the seller and managing director Joseph Brecher procured the buyer. Real Capital Analytics says the property is 97-percent occupied. It's the eighth property Gebroe-Hammer has sold for Segal & Segal since 2015.
Summit Hill features a mix of one-bedroom/one-bath, two-bedroom/one- or two-bath and three-bedroom/two-bath units. Each offers architecturally appealing designs, hardwood floors, dining rooms and oversized closets. Community amenities include a private pool and tennis courts as well as Manhattan skyline views.
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