10B — August 25 - September 14, 2017 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marejournal.com
O wners , D evelopers & M anagers Pine and Zweibel of Gebroe-Hammer Associates represent owner & procure buyer Crest Ridge Apartments in West Orange sells for $40.5 million to Sela Realty Investments
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transaction. Located at 200 Mt. Pleasant Ave. at the base of an 80-foot cliff, the 16-building, histori- cally well-occupied complex posed an extremely rare acqui- sition opportunity within the Northern New Jersey metro. “Situated in the Town Cen- ter section of West Orange, Crest Ridge Apartments is at the heart of one of the most expensive, in-demand local neighborhoods as well as the transit-filled greater West Es- sex County submarket,” said Pine. “In a township where apartment rentals make up
only about one-third of the housing stock, Crest Ridge Apartments is a ‘gem’ favored by the area’s professional, well-educated tenant base within one of the nation’s most expensive housing markets.” Built in 1964 and continually updated with the most modern amenities by the decades-long seller, Crest Ridge Apartments offers a dramatic residential setting with Manhattan sky- line views. It is in close prox- imity to local, regional and national retailers, including some of the area’s finest shops and dining; parks; recreational venues such as the Edison Na- tional Historic Site, Turtleback Zoo and Greenwood Gardens; and golf courses. Each one-, two- and three- bedroom apartment home has a private entrance, hardwood floors and one of six different spacious layouts. In addition to on-site laundry facilities and parking, as well as 89 garages, community amenities range from a free-form swimming pool, clubhouse and sundeck to well-planned promenades, lawns and flower beds that punctuate Crest Ridge’s moun- tainside location and scenic views. Less than three miles from I-280 highway access, the garden-style community also is close to the popular Route 10 corridor and the Garden State Parkway. New Jersey Transit bus service offers a 35-minute commute to New York City. According to REIS, on an annualized basis through 2018 and 2019, asking and effec- tive rents are anticipated to advance by 2.1% and 1.9%, respectively, in the submarket. Current mean unit prices are $1,252 for studios, $1,678 for one bedrooms, $2,223 for two bedrooms and $2,550 for three bedrooms. Gebroe-Hammer is the lead- ing and most trusted multi- family investment sales bro- kerage firm in New Jersey and the entire tri-state region. In 2016, the firm closedmore than 132 deals involving 12,117 to- tal units sold for $1.83+ billion while concentrating on subur- ban and urban high-rise and garden-apartment properties throughout the Northeast and nationally. Gebroe-Hammer 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
est Orange, NJ — In the suburban yet cosmopolitan Es-
sex County township of West Orange, the premier 178-unit garden-apartment community of Crest Ridge Apartments has been sold for $40.5 million, the investment brokerage firm Gebroe-Hammer Associ- ates announced. The team of executive vice president Greg Pine and Adam Zweibel , vice president represented the original developer/owner, Rockledge Realty, LLC , and procured the buyer, Sela Realty Investments , in the
Crest Ridge Apartments
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