Gebroe-Hammer Arranges $32M Multifamily Sale
- Oct 03, 2018
Gebroe-Hammer Associates has represented developer Woodmont Properties in selling Woodmont Square at Bridgewater, a 100-unit multifamily property. The team of brokers, which included Executive Vice President Greg Pine, Senior Vice President Stephen Tragash and Sales Associate Eli Herskowitz, also procured the buyer. The $32.6 million transaction will cover the $20 million construction loan that Woodmont secured from Provident Bank in 2012, according to real estate data provider Yardi Matrix.
The upscale community is located at 100 Bellis Court within the Green Knoll neighborhood of Bridgewater, N.J. It was completed in 2012 and encompasses mostly two-bedroom units that range from 900 to 1,200 square feet. Each apartment features hardwood floors, plush carpets in the bedroom, in-unit washers and dryers, granite countertops and luxury kitchen and bathroom finishes. Amenities include a clubhouse, fitness center, game room, business center, playground, basketball court, dog park, landscaped courtyards and concierge services.
“Newly constructed for-sale multifamily investment assets in this important, high-profile corridor connecting Princeton to Morristown are atypical,” said Tragash in prepared remarks.
Woodmont Square Apartments can be accessed via interstates 287 and 78 and expressways 22 and 28. Raritan and Somerville train stations are less than 5 miles away, while Bridgewater Commons shopping mall is approximately 3 miles away. The location of the community provides residents with access to several Fortune 500 companies.
Approximately 40 miles from the property, in Bayonne, N.J., Woodmont is building a new community. The 220-unit multifamily property is slated for delivery in spring 2019.
Image courtesy of Yardi Matrix
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