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BERGENFIELD, NJ-Liberty Gardens, a 232-unit garden apartment complex, has been sold for about $23 million, or just under $100,000 per unit, in a transaction arranged by the Livingston, NJ-based Gebroe-Hammer Associates. The seller was the Lightstone Group of Lakewood, NJ.

The transaction was arranged for the buyer, identified only as a longtime Gebroe-Hammer client, by the firm’s managing director Robert Ploshnick, executive vice president David Oropeza and assistant vice president Greg Pine. Legal representation for Lightstone came from Richard Kelin of the West Orange, NJ firm of Feinstein, Raiss, Kelin & Booker, while the buyer was represented by Morris Silberberg of Frankel, Hershkowitz of New York.

The transaction “represents one of the region’s most important multifamily investment sales this year,” says Kenneth Uranowitz, managing director of G-H. “Liberty Gardens is a prime residential investment property.” Consisting of 15 buildings, the traded asset is currently 98% occupied.

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