Real Estate Journal — December 22, 2017 - January 11, 2018 — 3A
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M id A tlantic R eal E state J ournal Complex is uniquely located along NJ/PA Route 22 Corridor
Warren County, NJ’s Ravenscroft Apartments sells for $7.6M in trade arranged by Gebroe-Hammer
P HILLIPSBURG, NJ — In Warren County’s southwestern town of historic Phillipsburg, Gebroe- Hammer Associates has ar- ranged the $7.6 million sale of 76 units at Ravenscroft Apart- ments, located at 26 Fairview Ave., just off Route 22. Senior vice president Stephen Tra- gash represented the seller, Ravenscroft Assoc. LLC, and procured the buyer, a private investor, in the transaction. “Phillipsburg is the heart and soul of Warren County and a geographic extension of the Easton/Bethlehem/ Allentown-PA economic cor- ridor, rendering this vibrant town a great place to invest, live as a tenant, work nearby and relax,” said Tragash, who is a North Jersey market spe- cialist. “This family-friendly community offers the best of all worlds, from quiet subur- ban living and access to nearby local, regional and national retailers, to city-center prox- imity where there are limitless employment, entertainment and cultural opportunities.” Located in the Hillcrest neighborhood, Ravenscroft Apartments is comprised of a mix of spacious one- and two-bedroom layouts. Each apartment home features air conditioning; a modern galley kitchen; abundant closets, including one walk in; new wall-to-wall carpeting and oversized windows; and sec- ond- and third-floor balconies. In addition, there are laundry facilities in each building and off-street paved-surface parking. Situated just off Route 22 via the Memorial Parkway exten- sion, Ravenscroft Apartments is three miles from the Phil- lipsburg Mall and two-and-a- half miles fromEaston, PA, lo- cated just across the Delaware River and a hub for world-class dining. The garden-apartment complex also is just minutes from top-rated schools and the town’s quaint New England- like downtown shops, dining establishments and riverfront. According to Apartments. com, as of December 2017, the average apartment rents in Phillipsburg, N.J. are $625 for a studio, $990 for one bed- room, $1,211 for two bedrooms and $1,513 for three bed- rooms. “The town’s apartment stock, which is dominated by pre-1970s era buildings, is continuing its historically sta- bilized run, recording a rent
appreciation rate of 5 percent in the past year,” noted Tra- gash. “This is expected to inch upward in the coming year.” Gebroe-Hammer is the lead- ing and most trusted multi- family investment sales bro- kerage firm in the New Jer- sey/Pennsylvania/ New York State tri-state region. The firm specializes in suburban and urban high-rise and garden- apartment properties and also markets mixed-use and free-standing office and retail properties. Widely recognized for its consistent sales perfor- mance, the firm is a 14-time CoStar Power Broker. n
Ravenscroft Apartments
wishes to all a Happy Holiday & Happy Healthy New Year
Owner & President
732-345-7002
MAILING ADDRESS P.O. BOX 8357 REDBANK, NJ 07701
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