Chatham Village Apartments Trades for $35M
The property, in the supply constrained Short Hills area multifamily market, was sold by Madison Hill Properties of Passaic, NJ.
CHATHAM TOWNSHIP, NJ—The 118-unit Chatham Village Apartments complex here has been acquired by a partnership of Stolar Capital, Vertical Realty and EverWest Real Estate Investors, LLC for $35.25 million.
The property, in the supply constrained Short Hills area multifamily market, was sold by Madison Hill Properties of Passaic, NJ. The transaction for the complex, which was built in 1955, was brokered by Gebroe-Hammer Associates. Executive Vice Presidents Niko Nicolaou and David Jarvis, along with Morris County market specialist Stephen Tragash, exclusively represented the seller, Madison Hill Properties, and procured the buyer in the deal.
“We are thrilled to partner with EverWest and Vertical Realty in the acquisition of Chatham Village,” says Peter Brosens, principal of Hoboken, NJ-based Stolar Capital. “Assets like this, in blue-ribbon towns like Chatham, don’t trade hands often and we feel fortunate for the opportunity to further invest in one of New Jersey’s most desirable markets.”
The garden-style community features 40 one-bedroom and 78 are two-bedroom layouts and is located near the Chatham Downtown District.
“Chatham Village Apartments presented a rare opportunity to acquire and reposition a highly visible apartment-community asset with sustained appeal among the region’s highly educated, upper-income commuter tenant base,” says Gebroe-Hammer’s Nicolaou. “In a submarket where pre-1970s-era product accounts for over 50% of the apartment inventory based on age, the community is extremely well-poised for value-add repositioning.”
Located on the eastern edge of Morris County, the Short Hills geographic region encompasses several carefully planned residential neighborhoods. Approximately 25 miles west of New York City, Chatham Village is 13 minutes from Short Hills Mall.
“EverWest is excited to partner with Stolar Capital and Vertical Realty on this attractive workforce housing acquisition,” says Steve Feinberg, EverWest’s director of northeast acquisitions. “The property’s coveted location provides direct transit access to New York City, a top-rated school district and excellent long-term fundamentals in a high-barrier-to-entry market that aligns well with our investment strategy.”