Nob Hill Apartments, 35 Locust Avenue, Roseland, NJ
ROSELAND, NJ—Lightning continues to strike for Gebroe-Hammer Associates in the market for mature garden-style multifamily properties.
The firm closed the $130 million sale of Nob Hill Apartments, a 360-unit garden apartment community located at 35 Locust Ave., (28 Nob Hill Rd.), in Roseland, NJ. The price works out to $361,111 per unit, according to Real Capital Analytics, a proprietary research database.
Earlier this week, Gebroe-Hammer brokered the $100 million sale of the Cedar Wright Gardens apartment complex in Lodi, NJ.
Gebroe Hammer’s executive vice president Greg Pine and president Ken Uranowitz exclusively represented the seller, Morristown-based Segal & Segal, the original developer/owner since 1978, and senior vice president Nicholas Nicolaou procured the buyer, New York-based investment firm Novel Property Ventures.
Novel Property arranged financing for the transaction through Jones Lang LaSalle.
“The hunt for multifamily product throughout North Jersey is enduring. Nob Hill is one of the most prestigious, well-known properties in western Essex County and perhaps the state’s entire northern metro, attracting many high-net worth individuals – from millennials to retirees,” says Pine. “A property of such prominence comes to market perhaps once every generation, if that.”
Conveniently accessible from Eisenhower Parkway, a main thoroughfare in western Essex County with connections to Routes 280, 80, 24, 10 and the Garden State Parkway, Nob Hill offers a mix of one- and two-bedroom layouts as well as three-story duplexes with ground-floor garages and storage rooms. Community amenities include a swimming pool, tennis courts, off-street parking and sundecks.
In addition to offering a broad selection of apartment-home layouts, community spaces and facilities, Nob Hill’s prominent profile is linked to its superior, picturesque location favored by the region’s professional and executive-level tenant base. Tucked into the base of a low-rise mountain, Nob Hill offers ease of access to a vast local, regional and national highway infrastructure as well as mass transit options that include NJ Transit service with a bus stop adjacent to the complex’s entrance and nearby rail service in Montclair.
“The buyer plans to expand upon the seller’s in-place renovations by implementing a capital improvement program that elevates the amenities to the next level in order to appeal to the area’s urban-sophisticate tenant base,” says Nicolaou. “This particular demographic seeks a balance between luxury suburban – in terms of quaint residential neighborhoods – and urban, which offers proximity to outdoor recreation, cultural venues, shopping and dining. For this reason, the buyer pursued this exceptionally rare investment opportunity.”
Although it ranks as the smallest of the seven distinct geographic concentrations that form the Northern New Jersey apartment market, the West Essex County submarket’s apartment stock includes 6,838 total units, amounting to 7.5 percent of the total metro inventory. It is home to several Fortune 500 companies, including Roseland-based ADP.