Warren County’s Ravenscroft Apartments have sold for $7.6 million.
The seller of the 76 units on Fairview Avenue in Phillipsburg was represented by Gebroe-Hammer Associates Senior Vice President Stephen Tragash, who found the private investor who is buying the property.
“Phillipsburg is the heart and soul of Warren County and a geographic extension of the Easton/Bethlehem/Allentown (Pennsylvania) economic corridor, rendering this vibrant town a great place to invest, live as a tenant, work nearby and relax,” said Tragash, who is a North Jersey market specialist. “This family-friendly community offers the best of all worlds, from quiet suburban living and access to nearby local, regional and national retailers, to city-center proximity where there are limitless employment, entertainment and cultural opportunities.”
Located in the Hillcrest neighborhood, Ravenscroft Apartments has a mix of one- and two-bedroom layouts. Each apartment features air conditioning, a modern galley kitchen, abundant closets, including one walk-in, new wall-to-wall carpeting and oversized windows, as well as second- and third-floor balconies.
There are also laundry facilities in each building and off-street paved-surface parking.
Just off Route 22 via the Memorial Parkway extension, Ravenscroft Apartments are three miles from the Phillipsburg Mall and 2½ miles from Easton.
The average apartment rents in Phillipsburg are $625 for a studio, $990 for a one-bedroom, $1,211 for two bedrooms and $1,513 for three bedrooms, according to Apartments.com.
“The town’s apartment stock, which is dominated by pre-1970s-era buildings, is continuing its historically stabilized run, recording a rent appreciation rate of 5 percent in the past year,” Tragash said. “This is expected to inch upward in the coming year.”