Real Estate Journal — New Jersey — April 15 - 28, 2016 — 5B


M id A tlantic

N ew J ersey

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31-unit apartment building sells for $232,000 per unit Redwood Realty Advisors sells $7.2 million property

HATHAM, NJ — Redwood Real ty Advisors announced that it has successfully com- pleted the sale of the Cha- tham Arms in Chatham, NJ for $7.2 million. The 31-unit apartment building sold for $232,000 per unit and a 4.9% cap rate. “The existing owner took advantage of strong buyer demand and favorable pric- ing to pull equity out of an asset that they had owned for a number of years,” said Kevin McCrann , a manag- ing partner at Redwood Re- alty. “At the same time, the new buyers recognize the op- portunity to make improve- ments to the asset in order to achieve higher rents.” Quad Realty, LLC sold the property to a joint venture between Stolar Capital and Vertical Realty Capital . “We are thrilled to add Cha- tham Arms to our growing portfolio and to partner once again with Jake and Joe Feldman from Vertical Re- alty,” said Peter Brosens , co-founder of Stolar Capital along with Kyle Petrelli . "Transit-oriented properties like this almost never trade hands and we are excited to harvest this project for the long term in a desirable town like Chatham,” said Brosens. Chatham is a high-demand housing market known for its top-rated schools and its easy access to New York City. The city is home to top-rated schools, such as ChathamHigh School, which was rated #1 in the state by New JerseyMonthly in 2014. Chatham Arms is a short 2-minute walk to Chatham’s New Jersey Transit train station, and it also is walk- ing distance to the shops and highly-rated restaurants located in the town center. “Chatham Arms offers an incoming investor the op- portunity to acquire a well- located property in a market that is highly sought after,” said McCrann. The Redwood Realty Advi- sors’ team who worked on this transaction included the following: • Thomas McConnell, CCIM , managing partner • Kevin McCrann, manag- ing partner • Matthew Sandelands , investment associate • Jeremy Wernick , in- vestment associate. n C

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Chatham Arms

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