Adam Zweibel, senior vice president, left, and Stephen Tragash, executive vice president, Gebroe-Hammer Associates, with Landmark West garden apartments, Newton, NJ
NEWTON, NJ—In New Jersey's northwestern corner, where apartment-rental living edges out homeownership among the population base, Gebroe-Hammer Associates has arranged the $17.9 million sale of 168 units at Landmark West Apartments. The brokerage team of Stephen Tragash, executive vice president, and Adam Zweibel, senior vice president, exclusively represented the seller, Newton West Limited, and procured the buyer, SELA Realty Investments, a Fort Lee, NJ-based investments and property management company.
The complex offers beautiful scenic views and is situated on a 13.5 acres in one of the nicest areas in Sussex County.
“We are proud to add this beautiful property to our growing portfolio, this acquisition is a pure value add property where the previous owners, who were the original builders, have had it for 44 years and as a results rents were substantially under market,” says Tal Steinberg, managing partner for SELA Realty Investments. “We are planning to revive this gem by renovate the exterior including resurface the parking lot and roads, renovate the leasing office and all hallways and add amenities for the residents. We want to position ourselves as the most pleasant community in the area with affordable rent prices and we believe that with some improvements we can achieve a much higher NOI. We are planning to keep this property for 40 more years, just like the previous owners did, and bring back the charm this property once had.”
Located at 100 Swartzwood Rd., Landmark West Apartments is an 11-building garden-style complex comprised of one- and two-bedroom units ranging from 750 to 1,041 square feet. Each of the open-floorplan layouts offers an array of modern features, including eat-in kitchens and dining rooms, contemporary kitchens and baths, spacious closets and balconies. Assigned paved-surface parking and on-premises laundry facilities are among the on-site amenities.
“Landmark West presented an exceptional investment opportunity given its posture as a historically well-occupied, principal multifamily asset within a budding bedroom community,” says Tragash. “Modern-day Newton is considered hip and trendy thanks to its cultural, recreational and commercial centers—all of which appeal to today's former urbanites from New Jersey and New York.”
Once known as a lake vacation destination, Sussex County has emerged as a highly favored residential setting for year-round living. In addition to offering picturesque mountain views and outdoor recreation options, Newton merges historic charm with an urban-sophisticated vibe fed by quaint public buildings and churches that line its downtown. With Newton Theater as its focal point, the town center is lined with cozy cafés and a diverse mix of dining establishments.
Literally at the crossroads of several major interstate, state and county roadways, Newton's renaissance is attributed to commercial development that has attracted leading employers and national retailers. The town offers an accessible inter- and intra-county/state commute via NJ Transit bus routes and nearby Netcong Rail Station to New York City, Trenton and Philadelphia, each within 50 minutes, 70 and 90 miles, respectively. Lifestyle services, public and private schools, dining and local shops are all within the township.
“Newton has experienced a 20-year wave of population growth that has and will continue to successfully fortify sustained demand for apartment rentals throughout its seven distinct neighborhoods,” says Zweibel. “As a result, Landmark West's buyer will realize significant rent and property appreciation over the short and long term.”
With a daytime population of 20,000, Newton is a Designated Regional Center and Smart-Growth area. It also was Sussex County's only entrant in the Main Street New Jersey Program, formed in 1989 to revitalize and promote the historic and economic redevelopment of traditional downtowns and corridors in the state.
Updated 3/7/2019 11:39 p.m.: This article has been updated with additional perspective and a comment from the acquiring company, SELA Realty Investments.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
