Mount Olive, N.J., January 15, 2016 – Gebroe-Hammer Associates of Livingston, N.J., has exclusively represented the seller, a private investment group, and the buyer, SDK Apartments, in the $175 million trade of 1,172 garden-apartment units and an adjacent 91,330-square-foot retail center at Village Green. The brokerage team of Greg Pine, executive vice president; Stephen Tragash, senior vice president; and Joseph Brecher, managing director, arranged the 76-building mixed-use sale.
“Village Green Apartments and Village Green Center are exceptional properties spanning more than 105 acres in Morris County, a major residential/retail/commercial hub,” said Pine. “As part of the thriving Mount Olive/New Jersey Foreign Trade submarket, Village Green offered an extremely rare opportunity to acquire a pillar for garden-apartment home communities in Northern New Jersey. The property is known for its distinct interiors; first-class lifestyle amenities; scenic landscape; and access to major employment centers like Parsippany, Morristown and New York City.”
Located less than two miles from the Mount Olive Station and 1.5 miles from the Netcong Station, the Montclair/Boonton and Morristown train lines provide access to Morristown, Summit, Montclair, Newark, Hoboken and New York Penn Station. Mount Olive also is at the I-80/Exit 26 Exchange offering immediate access to Route 46 and Route 206, which connect western Morris County to the region’s vast highway network.
Village Green Apartments is comprised of 781 one-bedroom/1 bath; 157 one-bedroom with den/1 bath; and 234 two-bedroom/1 bath apartment homes. Hardwood floors, a balcony or patio and air conditioning are among the unit features. Tenants-only lifestyle amenities include a six-hole Par 3 golf course, two pools, tennis courts, ball fields, skate park, playground and basketball and volleyball courts. The community’s occupancy at the time of sale was 98 percent.
Village Green Shopping Center, anchored by a 30,000-square-foot Home Goods, has a diverse tenant roster of local, regional and national retailers, including PNC Bank and Dunkin Donuts. At the center of Mount Olive’s 31 square miles is the International Trade Center, a 684-acre office/distribution/light assembly/warehouse complex that has prompted population and commercial growth within the western part of the county during the past 20 years. Numerous multi-national companies now call the township home and have attracted a well-educated workforce and professional tenant base.
“Since being built in the 1980s, Village Green has recorded historically strong occupancy rates while setting the standard for on-site amenities and nearby lifestyle services at Village Green Center,” added Pine. “The buyer plans to continue a capital improvement program that includes kitchen and bath renovations implemented by the seller in order to render the community even more competitive.”