Gebroe-Hammer: Highland Park apartments sell for $30M

By Eric Strauss
Highland Park | Jun 28, 2018 at 12:34 pm

A Highland Park apartment complex has sold for $30 million, according to real estate firm Gebroe-Hammer Associates.

Donaldson Park Apartments, a 152-unit garden-style complex at 321 Crowells Road, was sold by developer JGT Managing Partners to Highland Park-based Oxford Realty Group, the firm said in a news release.

Joseph Brecher, an executive managing director with the firm, represented the seller and procured the buyer. He got the deal closed in under 30 days, the firm added.

“In addition to having extremely close proximity to the buyer’s main offices, Donaldson Park Apartments has some very unique characteristics, including all two-bedroom layouts — some of which have dens — with private patios and balconies for each unit,” Brecher said in a prepared statement. “Highland Park is an extremely desirable borough among executives and academics with families, established post-bacc students and empty-nesters, because it is quaint, yet trendy, with a thriving arts and dining scene.”

Donaldson Park Apartments was built in 1966. The six-building community’s apartments range from 910 to 1,070 square feet.

Gebroe-Hammer noted that more than 58 percent of the Highland Park population is made up of renters, and a similar percentage of housing is made up of apartments.

“Relative to New Jersey, Highland Park is a high-appreciating municipality that consistently draws an upper-income renter base employed within the thriving, well-located Middlesex County corridor and greater New York City metro,” Brecher said.

Eric Strauss | estrauss@roi-nj.com | acerimrat