16C — November 8 - 21, 2013 — New Jersey — Mid Atlantic Real Estate Journal


N ew J ersey

Luxury apartment building near healthcare & shopping Gebroe-Hammer Associates arranges $4 million trade Dover, NJ

OVER, NJ — Morris County’s standing as one of the wealthiest and most populous counties in all of New Jersey also makes it one of the most sought-after multi-family in- vestment markets, according to the brokerage profession- als at Gebroe-Hammer As- sociates . The firm recently orchestrated the $4 million sale of Lion Gate at Granny Brook, a 27-unit luxury garden-apart- ment style complex in Dover. Vi c e p r e s i den t St ephen Tragash exclusively repre- sented both the seller and D

identified the buyer in this transaction. “Well located multi-family properties that offer resi- dents a combination of luxury

Tragash. “Prospective buyers were drawn to this property’s timeless architectural design and premier central Morris County address.”

The three - s t ory br i ck comp l ex f ea tures a mi x of s tud i o , one - and two-bedroom apar tment uni t s ; abundant on- s i t e park ing; and two cent ra l i zed l aundry rooms .

and value are always in high demand. Situated about 31 miles northwest of New York City, this asset attracted tre- mendous interest from the investment community,” said

Located at 91 Park Heights Ave., Lion Gate at Granny Brook was opened in 2012 in the restored Carson & Gebel Co. Ribbon factory building. The three-story brick com-

Lion Gate at Granny Brook

plex features a mix of studio, one- and two-bedroom apart- ment units; abundant on-site parking; and two centralized laundry rooms. Gracious interiors are marked by 12- foot ceilings, ceramic-tile bathroom flooring, granite vanity tops, wall-to-wall car- peting, cherry-tone kitchen cabinets and faux granite countertops. The complex is within walk- ing distance of Clara Maass Medical Center and is near the Rockaway Townsquare Mall. A well-developed busi- ness district, comprehensive public school system, and numerous nearby parks and recreational facilities all add to Dover’s appeal. “This property represented a rare opportunity to ac- quire a brand-new elevator bui lding in the heart of Morris County,” said Ken Uranowitz , company presi- dent. “Given the market area’s low vacancy rates, stable rent occupancies and strong demographics, this asset has significant upside potential.” Gebroe-Hammer Associ- ates specializes in suburban and urban high-rise, mid- rise and garden-apartment properties throughout New Jersey, New York and Penn- sylvania, including Philadel- phia. The firm also markets mixed-use and free-standing office and retail properties on behalf of a wide range of long-term clients, includ- ing private owners, REITS, private equity firms and other institutional inves- tors. Widely recognized for its consistent sales perfor- mance, Gebroe-Hammer is a nine-time CoStar Power Broker. n



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