Northern NJ Community Trades for $41M
Gebroe-Hammer Associates represented both parties in the sale of Crest Ridge Apartments, a 178-unit, garden apartment community located in West Orange, N.J.
By Corina Stef
Rockledge Realty LLC, an entity affiliated with Segal & Segal, has sold Crest Ridge Apartments, a 16-building residential community in West Orange, N.J. The property traded for $40.5 million and was acquired by Sela Realty Investments.
Located at 200 Mt. Pleasant Ave., the garden-apartment community consists of 178 one-, two- and three-bedroom units with a private entrance. The property was built in 1964 and features a series of amenities:
- On-site laundry
- On-site maintenance
- Swimming pool
- A clubhouse and sundeck
- Extra storage space
- 89 garages
- Landscaped patio
- Views of the Manhattan skyline
Crest Ridge Apartments is located in the vicinity of retailers, restaurants, parks, golf courses, schools and landmarks such as the Edison National Historic Site, Turtleback Zoo and Greenwood Gardens. It also provides easy access to main roads such as Interstate 280, Route 10 and the Garden State Parkway. New York City is a 35-minute drive via the New Jersey Transit bus.
The sale was brokered by Gebroe-Hammer Associates Executive Vice President Greg Pine and Vice President Adam Zweibel, who represented both parties in the transaction. The company recently arranged the sale of another New Jersey community in Runnemede.
“Situated in the Town Center section of West Orange, Crest Ridge Apartments is at the heart of one of the most expensive, in-demand local neighborhoods, as well as the transit-filled greater West Essex County submarket,” Pine said in a prepared statement. “In a township where apartment rentals make up only about one-third of the housing stock, Crest Ridge Apartments is a ‘gem’ favored by the area’s professional, well-educated tenant base within one of the nation’s most expensive housing markets.”
Images courtesy of Segal & Segal