UNION, NJ– A multifamily complex that's been owned by the same family for 70 years has changed hands for $17.15 million. Ashley Goodman's parents built the Village Apartments in the 1940s, and after their deaths, Goodman's Village Company LLC continued to operate the 126-unit multifamily complex.

Goodman, who's 87, is retiring, and his son, who lives overseas, is not interested in operating the apartment complex, Gebroe-Hammer sales representative Gehane Triarsi tells GlobeSt.com exclusively.

“We're in a low interest rate environment and there's uncertainty of when interest rates will rise, and he understood that,” says Triarsi. “With any multifamily property right now in this market, sellers are getting a good number on their property. It's just desirable, it's a great investment to own multifamily.”

The original cost of the property could not be determined, says Triarsi.

Gebroe-Hammer has arranged the trade of Village Apartments, located at 1221 Magie Ave., in Union, N.J. Triarsi exclusively represented the seller and managing director Joseph Brecher procured the buyer in the sale of the 126-unit apartment community, which had been unsuccessfully marketed by several other brokerage firms during the course of the past two years.

“The seller, an experienced, second-generation property owner, recognized that the property could garner extremely competitive pricing if marketed by the right firm to the right buyer,” says Triarsi, the firm's Union County market specialist. “For this reason, Gebroe-Hammer was awarded the exclusive listing, based on its county-wide successes within Union and the eight surrounding Essex County municipalities as well as long-standing relationships with experienced investors.”

She also noted Union's population boom during the last 10-year census period, as well as tremendous commercial development, including that being undertaken by Kean University, has enhanced investment interest in this suburban commuter hub.

Built and owned by the Goodman family since 1945, 1221 Magie Ave. is located in the heart of one of Union's most sought-after residential neighborhoods. Village Apartments includes 32 two-story garden-apartment buildings near shopping, schools and mass transit. In addition to the 82 one-bedroom units and 44 two-bedroom units, the complex features 150 on-site parking spaces, 25 garages and laundry facilities. The township is connected to an extensive network of major highways, including the Garden State Parkway, I-78, US Route 22 and State Route 82 (Morris Avenue).

Brecher says the new owner plans to reposition the apartment complex and render it more competitive by continuing with a renovation program initiated by the seller. “During the past few years, the seller replaced all of the roofs, hot water heaters and boilers and installed a new alarm system,” he says.

Robert Sochor, Esq. of Elmwood Park represented the seller, and Richard Rubin, Esq., of Baltimore, MD, represented the buyer.