(Read more on the multifamily market.)
SUMMIT, NJ-New England Village Garden Apartments, a 16-building,133-unit complex at 105 New England Ave. here, has been sold for$30 million. The deal, brokered by Gebroe-Hammer Associates,factors out to nearly $226,000 per unit. The complex, comprised of44 one-, 65 two- and 24 three-bedroom units, was 99% occupied atthe time of sale.
"This is a one-of-a-kind sales for us," says Avi Oren, VP of theLivingston-based Gebroe-Hammer, who represented the seller,identified only as a family group. "There is nothing that can matchits quality and location," says Oren, who notes that thetransaction marks the first time the property has been sold sinceit was built in 1950. "It was owned by the same family for threegenerations," he says.
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