Union County Multifamily Properties Trade for Nearly $16M
Beech Spring Apartments is a 53-unit garden-style apartment community situated in the northwest corner of Union County in proximity to the Short Hills Mall.
SUMMIT, NJ— The Beech Spring Apartments, a 53-unit garden-style apartment community in Summit’s Springfield Avenue section, has been sold for $12.85 million, according to brokerage firm Gebroe-Hammer Associates of Livingston, NJ.
Gebroe-Hammer also reported it brokered the $2.9-million trade of 410-420 Watchung Ave. located less than eight miles south in Plainfield. The property sales were brokered by Gebroe-Hammer EVPs Niko Nicolaou and David Jarvis in the borough of Summit transaction, as well as SVP Adam Zweibel in the Plainfield property trade.
Beech Spring Apartments is a garden-style apartment community situated in the northwest corner of Union County in proximity to the Short Hills Mall. The 7 & 10 Beech Spring Dr. property occupies 3.59 acres within a tree-lined residential neighborhood. Offering a mix of four different one-bedroom layouts and a two-bedroom duplex option, Beech Spring Apartments features on-premises parking and well-manicured courtyards just 15 miles from Manhattan.
“In recent years, Summit has become a residential hub for urban sophisticates—former New York City dwellers attracted to the area’s outstanding award-winning public schools, easy commute and limitless upscale lifestyle amenities,” says Nicolaou. “Geographic favorability and the area’s established executive tenant base are what attracted the buyer.”
Nicolaou exclusively represented the seller, 6 Beech Spring Drive LLC, and procured the buyer, a private investor. He also arranged the recent $58.5 million sale of New Providence Gardens in nearby New Providence on behalf of the same seller.
Gebroe-Hammer’s Zweibel exclusively represented the seller and procured the buyer in the trade of the 410-420 Watchung Ave. mixed-use property that includes ground-floor retail., The downtown property is located between E. 4th and E. 5th streets.
“Plainfield is like many of New Jersey’s transit-village municipalities: it has a diverse tenant base, extremely accessible neighborhood amenities and a host of historic districts offering tremendous character that serve as a magnet for New York City-bound commuters with high-paying jobs,” Zweibel says.