O wners , D evelopers & M anagers
Real Estate Journal — Section B
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M id A tlantic
Zweibel and Tragash of Gebroe-Hammer Associates arranges sale Carriage Club Apartments in Mount Arlington, NJ sells for $23.45 million
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“As a result of this ‘new identity’ associated with year- round living, Mt. Arlington has become a magnet for fami- lies, empty nesters and active adults,” added Tragash. “In turn, it has emerged as an in- demand, high-barrier-to-entry submarket for multi-family investors.” According to Zweibel, the buyer was drawn to Carriage Club’s highway connectivity (Routes I-80, I-287, 46, 10 and the Garden State Pkwy.), walkability to NJ Transit bus and rail service at Mount Ar- lington Station and abundant on-site and nearby lifestyle services. Apartment choices include six different spacious layouts with bay windows, individual climate controls, fully equipped eat-in kitchens, patios/balconies and in-unit washers/dryers. Community spaces range from a clubhouse
miles from another 100-unit property that Kislak had sold to them a few years prior.” “The Victory Gardens sub- 5% cap rate was aggressive even by today’s standards, yet our clients saw the underly- ing potential of the largely neglected property. Below market rents, unnecessary vacancies given the market, poor management and a non- existent renovation program all pointed to ways to increase value in the long term.” The seller and original de- veloper of the property had minimal debt on it. Given this, Keenan helped to negoti- ate seller-provided financing that included an interest-only period that will allow the pur- chasers to implement a capital improvement and renova- tion program and raise rents quickly. Victory Gardens does not have rent control. The seller was represented by James Delia, Esq. of Wells, Jaworski &Liebman LLP of Paramus, New Jersey. The purchaser was represent- ed by JonathanMehl, Esq. n with an indoor heated pool, billiards room and fitness center to a golf putting green, outdoor sundecks and a grill and picnic area. Branded a thriving summer vacation and resort commu- nity in the pre-war era, Mt. Arlington is now a bustling residential hub for serene liv- ing in the heart of one of New Jersey's most beautiful areas. While the region is still widely acclaimed for its outdoor rec- reation venues at nearby golf courses, lakes and state parks, it also is known for shopping at Rockaway Town Square and Roxbury Mall and cul- tural venues that include the Mayo Performing Arts Center in Morristown. Gebroe-Hammer is one of the leading multi-family in- vestment sales brokerage firm in NJ and the entire tri-state region. n
t. Arlington, NJ — Within this picturesque, high-
HI-LIGHTS March 24 - April 13, 2017 way/transit-accessible mu- nicipality in western Morris County, Gebroe-Hammer Associates has arranged the $23.45 million sale of 106 multi-family units at The Carriage Club, located at 1 Hillside Dr. The brokerage team of vice president Adam Zweibel along with senior vice president Stephen Tra- gash secured the exclusive from the seller, Carriage Club Associates, LLC, and procured the private investment group
The Carriage Club
Paterson, NJ — The Kislak Company, Inc. an- nounced the recent sale of five multifamily properties as part of an Internal Revenue Code Section 1031 like-kind exchange for a longtime client. The transactions included the $7.461 million sale of a four-property multifam- ily portfolio with 85 units in Paterson, Passaic County; and the $13.7 million sale of Victory Hill East, a 124-unit multifamily property in Vic- tory Gardens, Morris County. VP Joseph Keenan rep- resented the sellers of the Paterson portfolio pursuant to an listing and also procured the purchaser. He also repre- sented the sellers of the Pat- erson portfolio in the purchase of Victory Hill East and the completion of an IRC Section 1031 exchange. “Joe did an outstanding job facilitating these transac- tions,” said Robert Holland, president. “He led our exclu- sive marketing efforts regard- ing the portfolio, procured the purchaser and then identified Built in 2003, Carriage Club is a Class A, 55-and-over apartment-rental community offering a mix of one- and two- bedroom units, the latter of which offers a choice of one or two baths. The clubhouse com- munity is a magnet for empty nesters and retirees drawn to Carriage Club’s new construc- tion, quaint family-friendly locale and proximity to major buyer in the transaction, which garnered a $231,000 per-unit price.
highways, bus and rail lines, and shopping, dining and rec- reational venues. “Mt. Arlington and its neighboring boroughs on the shores of Lake Hopatcong are enjoying the fruits of their ef- forts to establish themselves as thriving bedroom commu- nities of New York City domi- nated by an executive-level, diverse-age population,” said Zweibel, who noted Carriage Club was 98+% occupied at the time of sale.
The Kislak Co. sells 209 units in Passaic County &Morris County, NJ for $21million
2017 Walter R. Cohn, Esq. Memorial EXPO
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Victory Hill East
a great off-market exchange property in an excellent loca- tion for the sellers, who were very pleased with the results. After only a 14-day market- ing period that resulted in multiple offers, the sellers se- lected the purchaser, a Bergen County-based family with sub- stantial holdings in Paterson that was eager to add these well-maintained properties to their portfolio. “When it was time to market and sell their Paterson portfo- lio that they assembled over the past 20 years, the sellers were confident in our ability to deliver,” said Keenan. “The purchaser plans to make inte- rior renovations on turnovers
and will raise rents accord- ingly.” At the time of closing, the properties were fully occupied. The seller was represented by Jonathan Mehl, Esq. of Rutherford and the purchaser was represented by Kevin Kelly of Kelly, Kelly & Ma- rotta LLC of Maywood. “Once we made the Paterson deal, we worked very hard to identify the right exchange property,” added Keenan. “The length of the sellers’ ownership mandated it. We called on many of our existing relationships and identified an off-market opportunity in Vic- tory Gardens with significant upside potential only a few
High Concrete Group to produce architectural precast panels
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