Roselle Park's 119-Unit Grande Apartments Fetch $12.2M

ROSELLE PARK, NJ—Grande Apartments, 240 West Sumner Ave., in this Union County suburb, fetched $12.17 million in a trade arranged by multifamily investment brokerage firm Gebroe-Hammer Associates of Livingston. Gebroe-Hammer's team of managing director Joseph Brecher and senior vice president Stephen Tragash exclusively represented the seller, Sumner Rose LLC, and procured the buyer, Landmark Companies, LLC. Previously, Gebroe-Hammer arranged the sale of the same property in 2006.

“The new owner, who assumed the current mortgage, is planning to implement a value-add renovation program to render Grande Apartments more competitive in the Roselle Park/Greater Union County submarket," Gebroe-Hammer's Brecher tells GlobeSt.com exclusively. "The buyer also owns a number of other properties in the area – a tremendous benefit when it comes to more efficient and effective property management practices.”

The 119-unit garden-apartment community is located on the borough's northwest border with Kenilworth and includes a mix of studio, one- and two-bedroom layouts. The apartments have been renovated with stainless steel appliances and wood cabinetry in the kitchens, new baths and individually controlled air conditioning units. The complex was 98% percent occupied at the time of sale, Gebroe-Hammer says.

“Grande Apartments caters to a strong commuter tenant base drawn to its on-property bus stop and proximity to the Roselle Park Train Station Park and Ride, less than a mile away,” says Tragash. “Union County municipalities like Roselle Park are garnering tremendous multi-family investment interest thanks to historically strong, stabilized existing apartment buildings. Redevelopment projects also have spurred expansion of the tenant base demographic, which spans the full spectrum from young professionals and families to retirees.”

Situated on West Sumner Avenue between Hoiles Drive and Pine Street, Grande Apartments is within walking distance of area shops, restaurants, schools and parks. The borough is skirted by the Garden State Parkway at its western boundary and easily accessible to Routes 78, 22, 1 and 9. New York City is 24 miles away with a commute time of approximately 45 minutes on the NJTransit Raritan Valley Line to New York Penn Station via Newark Penn Station. Train and bus service also is available to destinations throughout New Jersey and along the entire Northeast Corridor.       

Legal representation was provided by Richard Kelin, Esq., of Feinstein, Raiss, Kelin & Booker LLC, and David Hutt, Esq., of Hutt & Shimanowitz PC on behalf of the seller and buyer, respectively. 

Correction, 5/31/2015: The correct name of the buyer of the properties is Landmark Companies, LLC, not Landmark Communities, as reported in an earlier version of this story. The incorrect name was provided to GlobeSt.com in a press release.