6B — March 15 - 28, 2019— Northern New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N orthern N ew J ersey
Newton emerges as suburban bedroom community for out-commuters Northwest NewJersey garden-apartment complex garners$17.9MinsalearrangedbyGebroe-Hammer S
layouts offers an array of mod- ern features, including eat-in kitchens and dining rooms, con- temporary kitchens and baths, spacious closets and balconies. Assigned paved-surface park- ing and on-premises laundry facilities are among the on-site amenities. “Landmark West presented an exceptional investment op- portunity given its posture as a historically well-occupied, prin- cipal multi-family asset within a budding bedroom communi- ty,” said 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 vaca- tion destination, Sussex Coun- ty has emerged as a highly favored residential setting for year-round living. In ad- dition to offering picturesque mountain views and outdoor recreation options, Newton merges historic charm with an urban-sophisticate vibe fed by quaint public buildings and churches that line its down- town district. With Newton Theater as its focal point, the town center is lined with cozy cafés and a diverse mix of din- ing 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 employ- ers 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 NYC, Trenton and Philadelphia, each within 50 minutes, 70 and 90 miles, respectively. “Newton has experienced a 20-year wave of population growth that has and will con- tinue to successfully fortify sus- tained demand for apartment rentals throughout its seven distinct neighborhoods,” said Zweibel. “As a result, Land- mark 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 Des- ignated Regional Center and Smart-Growth area. It also was Sussex County’s only entrant in the Main Street New Jersey Program, formed in 1989 as a means to revitalize and pro- mote the historic and economic redevelopment of traditional downtowns and corridors in the state. Since 1975, Gebroe-Ham- mer’s brokerage activities have concentrated on all multi-family types including class A, B and C high-rise and garden-apartment proper- ties. While initially focusing on New Jersey, the firm has evolved during the past 44 years to also dominate the northeastern Pennsylvania and New York State submar- kets as well as represent client interests nationally.
USSEX COUNTY, NJ — In New Jersey’s north- western corner where apartment-rental living edges out homeownership among the population base, Gebroe- Hammer Associates has ar- ranged 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 represented the sell- er, Newton West Limited, and procured the buyer, a private investor. Located at 100 Swartzwood
Landmark West Apartments
Rd., Landmark West Apart- ments is an 11-building garden- style complex comprised of
one- and two-bedroom units ranging from 750 s/f to 1,041 s/f. Each of the open-floorplan
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