(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 of 44 one-, 65 two- and 24 three-bedroom units, was 99% occupied at the time of sale.

“This is a one-of-a-kind sales for us,” says Avi Oren, VP of the Livingston-based Gebroe-Hammer, who represented the seller, identified only as a family group. “There is nothing that can match its quality and location,” says Oren, who notes that the transaction marks the first time the property has been sold since it was built in 1950. “It was owned by the same family for three generations,” he says.

Gebroe-Hammer managing director Robert Ploshnick procured the buyer, identified only as “a group of New Jersey investors who are long-time clients of our firm.” Gebroe-Hammer president and co-founder Mel Gebroe and managing director Ken Uranowitz were also involved in the deal. On the legal side, Rand Agins of Lasser Hochman of Roseland represented the seller, while Thomas E. Cohn of WolfBlock Brach Eichler, also Roseland, represented the buyer.

“Rents in this area are very competitive and occupancy rates average nearly 100%,” Uranowitz says. “This is the ‘blue-white diamond’ that every investor yearns to own in terms of location and quality that rarely comes to market. Although it’s a cliché, the phrase ‘once in a lifetime’ could not be more apropos with this particular property.”

Located in Union County, the property’s features include a swimming pool and approximately 300 parking spaces. About one-third of its units have been renovated within the past three years, and the new owner plans to continue the upgrades, according to the brokers.

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