Gebroe-Hammer Completes $10.5 Million Sale of Bergen County Apartments
TENAFLY, N.J., Jan. 22, 2014 - Gebroe-Hammer Associates has orchestrated the $10.5 million sale of Stonegarth Apartments, a 49-unit, four-building garden complex at 30 Engle St. in Tenafly. The Livingston, N.J.-based firm's executive vice president David Jarvis and senior vice president Greg Pine represented the seller and identified the buyer, a long-time Gebroe-Hammer client, in the transaction, which factors out to more than $214,000 per unit.
"While we have seen higher per-unit sales for new construction, the sale price is extraordinary for a garden-style property originally constructed in the 1930s," said Pine. "With its park-like setting - Stonegarth occupies just 20 percent of its well-landscaped and partially forested site - it is one of the nicest complexes in Bergen County."
Stonegarth's four brick buildings feature slate roofs and original windows "in excellent condition," according to Pine. On-site features include parking garages and a laundry room, and the units' bathrooms and kitchens have been recently upgraded. The seller had acquired the complex 10 years ago from its original owners.
"This is a rare gem to come on the market," said Pine. "The pricing was very aggressive, and the sale was not contingent on financing. The fact that this property did become available was based on the owner capitalizing on the current multifamily investment market demand, especially for desirable Bergen County properties. There still exists, however, a tremendous supply/demand imbalance."
Gebroe-Hammer Associates specializes in suburban and urban high-rise, mid-rise and garden-apartment properties throughout New Jersey, New York and Pennsylvania, including Philadelphia. The firm also markets mixed-use and free-standing office and retail properties on behalf of a wide range of long-term clients, including private owners, REITS, private equity firms and other institutional investors. Widely recognized for its consistent sales performance, Gebroe-Hammer is a nine-time CoStar Power Broker.