2 West Northfield Road
Livingston, NJ 07039
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Release Date: 10/22/2008
GEBROE-HAMMER ASSOCIATES INKS $3.675 MILLION SALE OF TOWN SQUARE GARDEN IN NEWTON, N.J.Demand for Rural Market Multi-Family Investments Rises
NEWTON, N.J., October 22, 2008 – Town Square Garden, a 42-unit, Class-A apartment complex located at 54 Mill St. in Newton, N.J., has sold for $3.675 million, announced Gebroe-Hammer Associates, the region’s leading real estate investment brokerage firm. Sales Associates Stephen Tragash and Elliot Schechter, represented the seller, Town Square Gardens, LLC, and procured the buyer, a long-term Gebroe-Hammer client.
“This transaction demonstrates the emergence of investment demand for rural multi-family product,” explained Tragash. “Tight supply and high demand have prompted a ‘spillover’ effect that extends beyond urban and suburban areas to northwestern New Jersey.”
Built in 1971, the two-story Town Square Garden features a stucco exterior façade and a mix of 19 one-, 18 two- and 4 three-bedroom units. Property amenities include an onsite laundry room and storage garages. The buyer is planning an extensive capital improvement program for the property. The area is served by Route 206 as well as CR-519. New York City and Trenton are located approximately 60 and 70 miles away, respectively.
Nestled in New Jersey’s Northwest Skylands region, Newton is the county seat for Sussex County. The town boasts a rich historic heritage dating back to 1751 when the area was an industrial hub for shoe and mill factories. Newton is currently undergoing a comprehensive redevelopment effort to revitalize the core historic district.
“Residents, many of whom work locally, are drawn to the area by the mix of charm and convenience associated with a historic village,” said Schechter. Currently, the central district is undergoing crosswalk enhancements as part of the revitalization plan.
Legal representation was provided by Joseph T. Mongelli, Esq. and Melanie Scroble, Esq. of Ansell & Zaro on behalf of the seller and buyer, respectively.
“For years, rural areas have been a virtually untapped market in terms of multi-family investments,” noted Ken Uranowitz, Gebroe-Hammer’s managing director. “Apartment-rental demand is on the rise as residents migrate toward New Jersey’s western regions, which offer a quaint, picturesque backdrop for everyday life.”
Gebroe-Hammer Associates is the region’s leading real estate investment brokerage firm. In addition to its strong presence throughout New Jersey, Gebroe-Hammer is active throughout Pennsylvania, including Philadelphia, and New York. Clients include private owners, REITS, private equity firms and other institutional investors.
2 West Northfield Road, Suite 301
Livingston, NJ 07039