4B — May 21 - June 17, 2021 — New Jersey — M id A tlantic Real Estate Journal
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Multifamily property rounds out mixed-use town center Gebroe-Hammer Associates arranges class A $14.65M sale
PARTA, NJ — At a time when the population shift from surrounding urban areas is feeding a full-time tenant boom in Sussex County, 60 class A multifamily units at The Residences at North Vil- lage in Sparta have been sold for $14.65M in a transaction orchestrated by Gebroe-Ham- mer Associates . Executive VP Stephen Tragash exclusively represented the seller, NV MF Holdings LLC, and procured the buyer, Sparta Residence LLC. “The Residences presented a rare new-construction multi- S
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The Residences at North Village
family investment acquisition opportunity within this rising, affluent suburban-bedroom corridor,” said Tragash, the firm’s Northwest New Jersey market specialist, who noted the property was 100% oc- cupied at the time of sale. “Sussex County’s residents are highly educated and employed in professional jobs with com- panies based in New York City and New Jersey’s immediate suburban hubs.” Constructed in 2020, The Residences is a three-story amenity-rich apartment-home community within North Vil- lage, a 90-acre mixed-use devel- opment along Rte. 15/Lafayette Rd. This town center features ShopRite of Sparta, Starbucks, Jersey Mikes, Bubbakoos Bur- ritos, Playa Bowls, Pizza One, F-45 Fitness and The Chelsea Assisted Living. The Resi- dences round out North Vil- lage’s upscale live-work-relax lifestyle with 38 1BR/1 Bath (770-816 s/f) – 27 of which are COAH-designated units – and 22 2BR/2 Bath (1096-1152 s/f) layouts. The Residences’ apartment- home features include modern kitchens with granite coun- tertops, solid wood cabinetry and stainless-steel appliances as well as sleek tile-surround bathrooms, in-unit washer/ dryer, oak LVT designer floor- ing and oversized windows of- fering abundant natural light. “For decades, Sussex County has been known for its ag- ricultural and mining roots while undergoing pockets of development,” said Tragash. “As a result, the area has suc- cessfully attracted a new cohort of established professionals, executives with families and empty nesters seeking cultural, entertainment and recreation- al venues in the immediate vicinity.” MAREJ
29 deals
Q1 2021 MULTIFAMILY BENCHMARKS
4,041 units
$490+M in sales
2 WEST NORTHFIELD ROAD, LIVINGSTON, NJ 07039
WWW.GEBROEHAMMER.COM
(973) 994-4500
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