DOVER, N.J. – Oct. 30, 2013 – 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 investment markets, according to the brokerage professionals at Gebroe-Hammer Associates. The firm recently orchestrated the $4 million sale of Lion Gate at Granny Brook, a 27-unit luxury garden-apartment style complex in Dover.
Vice President Stephen Tragash exclusively represented both the seller and identified the buyer in this transaction.
“Well located multi-family properties that offer residents a combination of luxury and value are always in high demand. Situated about 31 miles northwest of New York City, this asset attracted tremendous interest from the investment community,” said Tragash. “Prospective buyers were drawn to this property’s timeless architectural design and premier central Morris County address.”
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 complex features a mix of studio, one- and two-bedroom apartment 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 carpeting, cherry-tone kitchen cabinets and faux granite countertops.
The complex is within walking distance of Clara Maass Medical Center and is near the Rockaway Townsquare Mall. A well-developed business 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 acquire a brand-new elevator building in the heart of Morris County,” said Ken Uranowitz, company president. “Given the market area’s low vacancy rates, stable rent occupancies and strong demographics, this asset has significant upside potential.”