1930s Bergen MF Trades at High Per-Unit Price

TENAFLY, NJ-Gebroe-Hammer Associates has arranged the $10.5-million sale of Stonegarth Apartments, a 49-unit, four-building garden complex at 30 Engle St. here, GlobeSt.com has learned EXCLUSIVELY. The sale price factors out to $214,000 per unit.

“While we have seen higher per-unit sales for new construction, the sale price is extraordinary for a garden-style property originally constructed in the 1930s,” says G-H SVP Greg Pine. With a park-like setting—the complex occupies just 20% of its partly forested site—“it is one of the nicest complexes in Bergen County."

Pine and EVP David Jarvis represented the seller and identified the buyer, a long-time G-H client, in the transaction. He calls Stonegarth “a rare gem to come on the market. The pricing was very aggressive, and the sale was not contingent on financing.”

The fact that this property became available, Pine adds, “was based on the owner capitalizing on the current multifamily investment market demand, especially for desirable Bergen County properties. There still exists, however, a tremendous supply/demand imbalance.”

Stonegarth's four brick buildings feature slate roofs and original windows “in excellent condition,” according to Pine. On-site features include parking garages and a laundry room, and the units' bathrooms and kitchens have been recently upgraded. The seller had acquired the complex 10 years ago from its original owners.