(To read more on the multifamily market, click here.)

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

The deal was arranged for both sides by Gebroe-Hammer Associates, a Livingston-based brokerage firm. Specifically, the deal was put together by Gebroe-Hammer’s Robert Ploshnick, managing director, along with David Jarvis, vice president and Jay Lonbardo. According to Ploshnick, “both the buyer and seller are long-time Gebroe-Hammer clients.”<p.Preakness Commons, a low- to moderate income housing complex, was completed in 1999 and was 100% occupied at the time of sale. The final price tag was not disclosed, but an industry source estimates that the property likely traded for a number in the $8-million to $10-million range. The sale transaction was financed through the New Jersey Housing and Mortgage Finance Agency, Trenton.

“It took six months for this complicated transaction to get through approvals from the various state agencies, which regulate the income parameters and rental rates of the low to moderate-income tenancy,” Ploshnick explains. “These delays were anticipated by all of the parties involved, since the housing was subsidized, requiring approvals by state bureaucracies.”

On the legal side, attorney Tom Cohn of Wolf Block Eichler of Roseland represented the buyer. Attorneys Edmund Mikalauskas and Adam Haberfield of the firm of Orloff, Lowenbach, Stifelman & Siegel, also of Roseland, represented the seller.

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