PHILLIPSBURG, NJ—Ravenscroft Associates has sold its 76-unit Ravenscroft Apartments, 26 Fairview Ave., Phillipsburg, NJ, for $7.6 million to a private investor who was not identified.
Gebroe-Hammer Associates senior vice president Stephen Tragash exclusively represented the seller and procured the buyer.
“Phillipsburg is the heart and soul of Warren County and a geographic extension of the Easton/Bethlehem/Allentown-PA economic corridor, rendering this vibrant town a great place to invest, live as a tenant, work nearby and relax,” says Tragash, a North Jersey market specialist. “This family-friendly community offers the best of all worlds, from quiet suburban living and access to nearby local, regional and national retailers, to city-center proximity where there are limitless employment, entertainment and cultural opportunities.”
Located in the Hillcrest neighborhood, Ravenscroft Apartments includes a mix of one- and two-bedroom layouts. Each apartment home features air conditioning; a modern galley kitchen; abundant closets, including one walk in; new wall-to-wall carpeting and oversized windows; and second- and third-floor balconies. In addition, there are laundry facilities in each building and off-street paved-surface parking.
Situated just off Route 22 via the Memorial Parkway extension, Ravenscroft Apartments is three miles from the Phillipsburg Mall and two-and-a-half miles from Easton, PA, located just across the Delaware River and a hub for world-class dining. The garden-apartment complex also is just minutes from schools and downtown shops, dining establishments and the riverfront.
According to Apartments.com, as of December 2017, the average apartment rents in Phillipsburg, N.J. are $625 for a studio, $990 for one bedroom, $1,211 for two bedrooms and $1,513 for three bedrooms.
“The town’s apartment stock, which is dominated by pre-1970s era buildings, is continuing its historically stabilized run, recording a rent appreciation rate of 5 percent in the past year,” says Tragash. “This is expected to inch upward in the coming year.”