DEAL OF THE DAY: 24-Unit Rental Community Sold for $3.15M
- May 23, 2008
By Anuradha Kher, Online News EditorTeaneck, N.J.–Gebroe-Hammer Associates recently negotiated the sale of 171-183 Ft. Lee Rd., a 24-unit garden apartment complex in Teaneck, N.J., for $3.15 million.Located between Beech and Woodbine streets near Amman Park, the two-story, four-building complex features eight one-bedroom and 16 two-bedroom apartments. The brick-façade property is 99 percent occupied and sold for $130,000 per unit. “Teaneck is the second most populous municipality in Bergen County, the most populous county in the state of New Jersey,” says Greg Pine, vice president of Gebroe-Hammer, who represented the seller and procured the buyer. The buyer plans to renovate the property as well as enhance the exterior landscaping to maximize occupancy and asking rents. “Although the property was in the family for more than 40 years, the seller decided to leverage the asset at a time when mortgage interest rates are low and buyer demand throughout Bergen County is high,” says Pine.