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WAYNE, NJ–Preakness Commons, a 96-unit garden apartment complex,has been sold. Located at 437 Valley Rd. here, the eight-year-oldproperty moves from the portfolio of Roseland/Nellis LLC, a ShortHills-based group, into the hands of Wayne Hills LLC. The latter isa local investor group.

The deal was arranged for both sides by Gebroe-HammerAssociates, a Livingston-based brokerage firm. Specifically, thedeal was put together by Gebroe-Hammer's Robert Ploshnick, managingdirector, along with David Jarvis, vice president and Jay Lonbardo.According to Ploshnick, "both the buyer and seller are long-timeGebroe-Hammer clients."<p.Preakness Commons, a low- to moderateincome housing complex, was completed in 1999 and was 100% occupiedat the time of sale. The final price tag was not disclosed, but anindustry source estimates that the property likely traded for anumber in the $8-million to $10-million range. The sale transactionwas financed through the New Jersey Housing and Mortgage FinanceAgency, Trenton.