The investment brokerage firm Gebroe-Hammer Associates recently arranged the $11.2 million sale of 80 units at Shore Hill Apartments in Mount Arlington, located in western Morris County. The brokerage team of Stephen Tragash, senior vice president, and Joseph Brecher, managing director, exclusively represented the seller, the original developer who owned the property for approximately 40 years, and procured the buyer.
The garden-apartment complex is located at 500-501 Bensel Dr., where Mount Arlington borders the community of Landing in Roxbury Township, on the southeast shore of Lake Hopatcong. The buyer of the 64 one-bedroom and 12 two-bedroom duplex units plans to implement a capital improvement program to render the complex more competitive.
“Developing suburban residential communities like Mount Arlington, are a magnet for multi-family investment given the short supply of for-sale product that transcends all markets, particularly the more established urban and suburban municipalities,” said Tragash.
“Many long-time owners are realizing the time is right to shed multi-family assets, particularly those at a crossroads in terms of maintenance or aesthetic upgrades,” he added. “Market fundamentals, which lay the groundwork for transaction volume, remain strong, but no one can foretell the future, in terms of rising interest rates and whether they will or will not impact valuations.”
In Mount Arlington and western Morris County, the overall tenant population is being sustained by individuals, families and empty nesters seeking a commutable, rental lifestyle within proximity to New Jersey’s largest natural lake. Located less than two miles from Exit 30 off Route 80, Shore Hill Apartments is minutes from the Mount Arlington NJ Transit Park and Ride. Rail service along the Morristown and Boonton Lines connects to Newark Broad Street Station, Hoboken Terminal, Secaucus Junction and New York Penn Station in Midtown Manhattan via Midtown Direct service.Related Articles: