4B — October 25 - November 7, 2019 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
118 apartment-home units trade in Chatham Twp., New Jersey Gebroe-Hammer Associates arranges $35.25Msale of Chatham Village Apartments in transaction C tremely well-poised for value- add repositioning.”
are spacious one-bedroom and 78 are two-bedroom layouts – the most in-demand layout for the surrounding apartment submarket. The Downtown Business District is nearby. “Chatham Village Apartme nts presented a rare opportu- nity to acquire and reposition a highly visible apartment-com- munity asset with sustained appeal among the region’s highly educated, upper-income commuter tenant base,” said Nicolaou. “In a submarket where pre-1970s-era product accounts for over 50% of the apartment inventory based on age, the community is ex-
HATHAM TWP., NJ — In Northern New Jersey’s extremely sup- ply-constrained Short Hills Region multi-family invest- ment submarket, Gebroe- Hammer Associates has orchestrated the $35.25M sale of 118 apartment-home units at Chatham Village Apart- ments in Chatham Twp. The firm’s three executive vice presidents Niko Nicolaou and David Jarvis , along with Morris County market specialist Stephen Tragash , represented the seller, Madi- son Hill Properties , and procured the buyer, Stolar
Centrally situated within one of the state’s most-sought- after locales, Chatham Vil- lage is near award-winning schools, iconic shopping dis- tricts, premier cultural cen- ters and popular recreation venues as well as a multitude of convenient mass-transit links. “Chatham is one of those rare bedroom-community mu- nicipalities that checks all the boxes for today’s multi-family investors: tree-lined streets, a top-ranked best-place-to-live and raise-a-family, nationally recognized schools and pre- mier centers for retail, dining and recreation,” said Jarvis. Located on the eastern edge of Morris County, the Short Hills geographic region en- compasses several carefully planned residential neigh- borhoods. Approximately 25 miles west of New York City, ChathamVillage is 13minutes from Short Hills Mall, the re- gion’s premier shopping hub. “EverWest is excited to partner with Stolar Capital and Vertical Realty on this attractive workforce hous- ing acquisition,” said Steve Feinberg , EverWest’s direc- tor of northeast acquisitions. “The property’s coveted loca- tion provides direct transit access to NYC, a top-rated school district and excellent long-term fundamentals in a high-barrier-to-entry market that aligns well with our in- vestment strategy.” The region’s mass-transit-de- pendent population commutes daily to employment hubs in Manhattan, Newark, Jersey City andMorristown. Local and regional roadways include Rtes. 24 and 124 with connections to the Garden State Pkwy.; New Jersey Tpke./I-95 and I-78; and CR-510, 527 and 577. NJ Tran- sit’s Chatham Station provides Midtown-Manhattan direct service to NY Penn Station as well as Newark Broad Street Station, Secaucus Junction and Hoboken Terminal. “We are thrilled to partner with EverWest and Vertical Realty in the acquisition of Chatham Village,” said Peter Brosens , principal of Stolar Capital. “Assets like this, in blue-ribbon towns like Cha- tham, don’t trade hands often and we feel fortunate for the opportunity to further invest in one of NJ’s most desirable markets.”
Chatham Village Apartments
appreciating, architecturally distinct tree-lined residen- tial neighborhood. The well- maintained, classic garden- style community features 118 apartment homes, of which 40
Capital in partnership with Vertical Realty and Ever- West Real Estate Investors, LLC. Built in 1955, ChathamVil- lage is nestled within a high-
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