Real Estate Journal — New Jersey — October 12 - 25, 2018 — 13B
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100 fully occupied COAH and market-rate multi-family units Gebroe-Hammer arranges sale of Woodmont Square in Bridgewater, NJ B transit access.”
RIDGEWATER, NJ — Gebroe-Hammer Associates has ar- ranged the $32.55M sale of 100 fully occupied COAH and market-rate multi-family units at Woodmont Square Apartments, a newly con- structed class A community in Bridgewater. The brokerage team of Greg Pine , execu- tive vice president; Stephen Tragash , senior vice presi- dent; and Eli Herskowitz , sales associate, represented the seller, Woodmont Proper- ties at Bridgewater LLC, and procured the unnamed buyer of the courtyard-style garden- apartment community. Located at 100 Bellis Court just off State Rte. 202, Wood- mont Square was built in 2012 and features a mix of one- to three-bedroom lay- outs, of which 94% are two bedrooms ranging from 897 s/f to 1,200 s/f. Apartment amenities include open floor- plans with nine-foot ceiling heights and upscale bath and kitchen finishes, such as granite countertops and stainless-steel appliances. Each unit also has hardwood flooring with plush-carpeted bedrooms, oversized closets, in-unit washers/dryers and private balconies. Rounding out the on-premises lifestyle conveniences are a clubhouse, fitness center, game room, business center, concierge ser- vices, playground, basketball court, BBQ/picnic area and well-manicured courtyards. A mid-sized township with eight constituent neighbor- hoods, Bridgewater is central- ly situated within the Som- erset County submarket and is part of the Central Jersey Metro. According to Neighbor- hoodscout.com, approximately 19.5% of the population is comprised renters and 19.7% of the housing stock is com- prised of apartments. “Whenever the renter popu- lation and the apartment stock percentages mirror one another, this demonstrates de- mand for existing multi-family properties is at a premium,”” said Pine. “In Bridgewater, the population is dominated by highly educated execu- tives and managers who fall between the ages of 35 to 54. This tenant base is drawn to the family-friendly character of Bridgewater, proximity to Fortune 500 employers and ease of highway and mass
room-community apartment complex, is what appealed to the buyer,” said Tragash. “Newly constructed for-sale multi-family investment assets in this important, high-profile corridor connecting Princeton to Morristown is atypical.” Since 1975, Gebroe-Ham- mer’s brokerage activities have concentrated on subur- ban and urban high-rise and garden-apartment properties. The firm’s client base includes private family offices and owners, REITs, private equity funds and other institutional investors.
Woodmont Square Apart- ments is situated within the Green Knoll neighborhood, a primary residential area along the region’s popular retail, commercial and recreational corridor. Major roadways in- clude I-287 and 78, U.S. Rte. 22, Rte. 202-206 and Rte. 28. Bridgewater Commons is 2.5 miles from the property and Raritan and Somerville Train Stations are equidistant, ap- proximately four miles away. “Each of these factors, along with the rare opportunity to ac- quire an upscale suburban bed-
Woodmont Square Apartments
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