8B — March 19 - April 15, 2021 — Northern New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N orthern NJ 100-unit garden community features spacious units in downtown location Gebroe-Hammer Associates arranges sale of Dover Hills Apartments in Morris County for $15.7M
OVER, NJ — North Jersey’s high-barri- er-to-entry locations continue to drive the metro’s magnetic multifamily sales as reflected in the recent $15.7M trade of Dover Hills Apartments, according to the brokerage professionals at Gebroe-Hammer Associ- ates . The firm’s S teve Tra- gash , executive vice president, procured the unnamed private buyer and Debbie Pomer- antz , senior vice president, secured the exclusive listing on behalf of the seller, Dover Hills Properties LLC , in the transaction. D
expanding Gebroe-Hammer’s presence and activity through- out this tight submarket in recent years. “It’s spacious layouts alone have enduring appeal among the neighbor- hood’s executive- and manage- rial-level tenant base.” Located at 99-120 First St., in the Morris County town of Dover, the circa-1964 garden- style community features a total of 100 apartment homes. Primarily comprised of one- bedroom layouts (72 units), the property also includes studio (15 units), two-bedroom (12 units) and three-bedroom floorplans (1 unit). Each fea-
tures a fully equipped kitchen, air conditioning and hard- wood floors throughout living spaces. “One of Dover Hills’ great- est assets is its location in Morris County, the state and the region,” said Pomerantz. “Situated within one of the fastest-growing counties in the entire tri-state area, Dover Hills also is at the heart of the municipality’s high-walk-score downtown business district – one of the most desirable neighborhoods where quaint architecture, access to mass transit and a quiet residential atmosphere co-exist.” Ranked as one of the town’s most-expensive neighborhoods and its safest, the district is Dover’s highest appreciating since 2000. Collectively and individually, each of these factors contributed toward garnering tremendous atten- tion among investors. The well-maintained Dover Hills and town of Dover itself offer proximity and connec- tivity to major employment hubs along the Dover-Morris- town-Parsippany/Troy Hills corridor. Just 30 miles west of Midtown Manhattan, the property is within steps of NJ Transit bus service. Dover Rail Station also is less than half a mile away. The NJ Transit station offers service along the Morristown and Montclair-Boonton lines to Newark (Broad St.), Se- caucus Junction, New York Penn Station and Hoboken Terminal. Rounding out Do- ver’s transit offerings is a vast local highway network that includes U.S. Rte. 46, I-80 and NJ Route 10, all of which con- nect to I-287, the Garden State Parkway and NJ Turnpike. “The desire for value-add, for-sale multifamily properties has returned to its fever-pitch status,” said Pomerantz, who recently arranged the $17M sale of a nine-property, 133- unit collection of early-20th- Century apartment buildings in Passaic County, NJ. “While land development remains al- most impossible in high-build- ing-density suburban bedroom communities, seasoned inves- tors recognize the virtually limitless potential of imple- menting value-add strategies, which can and do transform an early-to-mid-20th-Century property from its former glory to an at-market, ‘good-as-new’ icon.” MAREJ
Dover Hills Apartments
“Thanks to its sought-after location and Morris County’s expanding renter base of for- mer big-city dwellers – both pre-pandemic and in the cur-
rent COVID-19 economy – Dover Hills Apartments is a classic candidate for property repositioning,” said Tragash, who has been instrumental in
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