4B — January 15 - 28, 2016 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey Adam Zweibel and Steve Tragash of Gebroe-Hammer represent both parties SELA Realty Investments acquires a 34- unit complex in Sparta for $4.45 million
PARTA, NJ — SELA Realty Investments , The Fort Lee based real estate investment and man- agement company had an- nounced last week its recent acquisition – a 34 unit complex for 55+ in Sparta. Tal Steinberg , managing member for SELA said: “We are pleased to add this beauti- ful building to our portfolio. It was built approx 10 years ago, originally for condominiums, and the builder spared no ex- pense with the level of quality and the amenities. The tenan- cy is really amazing and it was run smoothly by the previous S
owner however we are plan- ning to add some activities to the senior community in order to raise resident satisfaction and increase occupancy levels that had been down these past couple of years” Adam Zweibel and Steve Tragash of Gebroe Hammer represented both the seller and buyer in the transaction. “Adam and Steve did a great job bringing this deal to my at- tention and helping me along the way with all the issues we have had” said Tal Steinberg The building offers ame- nities such as an elevator, gym, laundry, resident club, personal storage units etc’. The occupancy at the time of purchase was at 88% and the cap rate was at 6.95% n Woodmont Prop- erties promotes John Santavicca FAIRFIELD, NJ — Wood- mont Properties announced that John Santavicca Jr. has been promoted to regional community manager. In this new role, Santavicca will be responsible for the supervision of operations within Woodmont luxury apartment communities across New Jersey, New York and Pennsylvania. Since joiningWoodmont Prop- erties more than two years ago, Santavicca has served as com- munity manager at Woodmont’s Lehigh Valley apartment com- munities Woodmont Mews and Woodmont Place at Palmer. With more than 10 years of industry experience, Santa- vicca formerly held positions at a number of real estate firms including Home Properties, Roseland Property Company, Cohen Realty Group, Foxtons, Keller Williams Elite Realtors and Weichert Realtors. n
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