SDK Apartments Aquires More Than 1,000 Apartment Units in NJ
- Jan 22, 2016
Mount Olive Township, N.J.—SDK Apartments acquired 1,172 garden-style apartment units and an adjacent 91,330-square-foot retail center at Village Green in Mount Olive Township, N.J., which is in the north-central part of the state. Altogether, 76 buildings traded hands.
Village Green Apartments is comprised of 781 one-bedroom/one- bath units; 157 one-bedroom with den/one-bath units; and 234 two-bedroom/one-bath units. Hardwood floors, a balcony or patio, and air conditioning are among the unit features. Common amenities include a six-hole par-three golf course, two pools, tennis courts, ball fields, skate park, playground and basketball and volleyball courts.
Located less than two miles from the Mount Olive Station and 1.5 miles from the Netcong Station, the Montclair/Boonton and Morristown train lines provide access to Morristown, Summit, Montclair, Newark, Hoboken and New York’s Penn Station. The community’s occupancy at the time of sale was 98 percent.
At the center of Mount Olive is the International Trade Center, a 684-acre office, distribution and light assembly warehouse complex that has prompted population and commercial growth within the western part of the county during the past 20 years. Various multi-national companies now call the township home and have attracted a well-educated workforce.
Gebroe-Hammer Associates of Livingston, N.J., represented the seller, a private investment group, and the buyer. Greg Pine, executive vice president; Stephen Tragash, senior vice president; and Joseph Brecher, managing director, arranged the sale.
Meridian Capital Group arranged $148.8 million in senior and mezzanine financing for the deal. The five-year loans feature a blended fixed-rate of 3.67 percent and interest-only payments.