Carriage Club, 1 Hillside Dr., Mt. Arlington, NJ
MOUNT ARLINGTON, NJ—Carriage Club Associates, in a $23.45 million deal brokered by Gebroe-Hammer Associates, is selling its 106 multifamily unit property, The Carriage Club, 1 Hillside Dr., to a private investor.
The Gebroe-Hammer brokerage team of vice president Adam Zweibel and senior vice president Stephen Tragash represented the seller and procured the private investment group buyer in the transaction. The price works out to $231,000 per unit.
Built in 2003, Carriage Club is a class A, 55-and-over apartment-rental community offering a mix of one- and two-bedroom units, the latter of which offers a choice of one or two baths. The clubhouse community is a magnet for empty nesters and retirees drawn to Carriage Club’s new construction, quaint family-friendly locale and proximity to major highways, bus and rail lines, and shopping, dining and recreational venues.
“Mt. Arlington and its neighboring boroughs on the shores of Lake Hopatcong are enjoying the fruits of their efforts to establish themselves as thriving bedroom communities of New York City dominated by an executive-level, diverse-age population,” says Zweibel, who noted Carriage Club was more than 98-percent occupied at the time of sale.
“As a result of this ‘new identity’ associated with year-round living, Mt. Arlington has become a magnet for families, empty nesters and active adults,” says Tragash. “In turn, it has emerged as an in-demand, high-barrier-to-entry submarket for multi-family investors.”
According to Zweibel, the buyer was drawn to Carriage Club’s highway connectivity (Routes I-80, I-287, 46, 10 and the Garden State Parkway), walkability to NJ Transit bus and rail service at Mount Arlington Station and abundant on-site and nearby lifestyle services. Apartment choices include six different layouts with bay windows, individual climate controls, fully equipped eat-in kitchens, patios/balconies and in-unit washers/dryers. Community spaces range from a clubhouse with an indoor heated pool, billiards room and fitness center to a golf putting green, outdoor sundecks and a grill and picnic area.