Gebroe-Hammer Completes $6.75 Million Multi-family Trade In Sussex County, N.j.

May 30, 2014

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Carin McDonald


Gebroe-Hammer Associates

2 West Northfield Road
Livingston, NJ 07039

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100-unit Complex is Set on 70 Developable Acres in Wantage

Gebroe-Hammer Completes $6.75 Million Multi-family Trade In Sussex County, N.j.

WANTAGE, N.J. – May 30, 2014 – Sussex County’s proximity to major employment centers combined with its rural atmosphere and exceptional quality of life makes it one of New Jersey’s most sought-after locales for multi-family investors and tenants alike, according to the brokerage professionals at Gebroe-Hammer Associates. The firm recently orchestrated the $6.75 million sale of The Regency at Sussex, a 100-unit garden apartment-style complex located at 10 Layton Rd. in Wantage, N.J.

Vice President Stephen Tragash exclusively represented both the seller, a limited partnership that included private investor Michael Halpern, and identified the buyer in this transaction.

“We chose Stephen for the exclusive listing because my partners and I were impressed with his ability to dig in hard – demonstrated by his unrelentless calls and visits to the property these past few years – as well as his drive to make a deal happen,” said Halpern. “When the right time to sell finally happened, Stephen was very timely because of his frequent phone calls and tenacity to get the deal done. I am sure the buyer received the same level of commitment.”

The well-maintained Regency at Sussex complex is set on 70 developable acres with sewer line and roadway infrastructure already in place. It is large enough to accommodate more than 200 additional apartment units, according to Tragash.

“With nearby competitive properties operating in the 95 percent occupancy range, this asset presented a substantial value-added opportunity, which made it particularly attractive to investors,” he said. “The new owner plans to reposition this property to benefit from the area’s resurgent housing market and continued movement in rents.”

Built in 1972, The Regency at Sussex features a mix of one- and two-bedroom residences ranging in size from 850 to 950 square feet of living space. Apartments have spacious closets and large eat-in kitchens with separate living and dining areas.  Many units recently have been updated. On-site amenities include a playground and laundry facilities. Located near Route 23 and other major roadways, the property is just minutes from Crystal Springs Resort, widely recognized as the tri-state area’s premier four-season resort destination.

Abundant outdoor recreational opportunities and proximity to New York’s industry and culture are advantages to businesses and residents that call Sussex County home. The county boasts a well-regarded public school system, nine wildlife management areas, six state parks, two national parks, two major ski areas and 20 golf courses.