WEST ORANGE, NJ—It's like Black Friday in a suburban New Jersey Walmart store when it comes to garden apartment sales.
Transactions continue a speedy pace in New Jersey as second- and third-generation owners continue to monetize the properties at record prices. In the latest large transaction in the sector, the 178-unit garden-apartment community of Crest Ridge Apartments changed hands for $40.5 million.
Gebroe-Hammer Associates team of executive vice president Greg Pine and Adam Zweibel, vice president, exclusively represented the original developer/owner, Rockledge Realty and procured the buyer, Sela Realty Investments.
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