NJ Gated Community Commands $18M
- Mar 08, 2019
Landmark Development has sold Landmark West Apartments, a 168-unit community in Newton, N.J. A private investor paid $17.9 million for the property.
Located on 13.5 acres at 100 Swartswood Road, the garden-style community encompasses 11 buildings completed in 1973, according to Yardi Matrix data. The one- and two-bedroom units range from 750 to 1,041 square feet. Property features include open floorplans, eat-in kitchens and dining rooms, contemporary kitchens and baths, spacious closets, balconies, assigned paved-surface parking and laundry facilities.
The property is close to the town center, cafés, eateries, schools and retailers. Nearby amenities include golf courses, thousands of acres of recreational land, museums, state parks and ski areas. Landmark West Apartments is also a convenient drive away from Jersey Shore. Various NJ Transit bus lines and Netcong Rail Station provide residents easy access to New York City, Trenton, N.J., and Philadelphia, all situated within a 90-mile radius.
Executive Vice President Stephen Tragash and Senior Vice President Adam Zweibel of Gebroe-Hammer Associates represented the seller and procured the buyer. Last year, the brokerage company arranged the sale of another garden-style community in the area.
“Landmark West presented an exceptional investment opportunity given its posture as a historically well-occupied, principal multi-family asset within a budding bedroom community,” Tragash said in a prepared statement. “Modern-day Newton is considered hip and trendy thanks to its cultural, recreational and commercial centers—all of which appeal to today’s former urbanites from New Jersey and New York.”
Image courtesy of Yardi Matrix