CHATHAM, NJ-An unidentified buyer has acquired the 100-unit Chatham Apartments, a two-story garden-style complex, for $17.1 million. The sale price factors out to $170,500 per unit.

The sale was arranged by Martin Klebanoff, senior vice president and co-managing director of the North Jersey regional office of NorthMarq Capital Inc., Parsippany. Klebanoff worked the deal on behalf of the seller, B/K Jefferson LLC and B/K Hamilton House LLC. Chatham Apartments consists of two properties situated a block apart at 540 and 575 Main St. here. The buyer was identified only as "a long-time client" of NorthMarq.

"This particular sale broke all garden apartment sale records in the state for older assets in a 'AAA' location," Klebanoff says. "The seller had a 40-year partnership, and many of the members were reluctant to sell unless a significant price could be achieved."

To complete the transaction, Klebanoff also arranged first mortgage financing of $11.75 million for the buyer, with the funding coming from a regional bank. "The client was aggressively purchasing this asset and locked in a 12-month forward rate for a 10-year term that could be converted to a 30-year term upon closing with no breakage cost," he says.