Gebroe-Hammer Associates announced Thursday it has orchestrated the $35.25 million sale of an apartment community in Chatham Township.
Chatham Village Apartments, a garden style community built in 1955, offers 118 apartment homes (40 one-bedrooms and 78 two-bedrooms).
Niko Nicolaou, David Jarvis and Stephen Tragash, executive vice presidents at the firm, represented the seller, Madison Hill Properties, and procured the buyer, Stolar Capital in partnersihp with Vertical Realty and EverWest Real Estate Investors.
“Chatham Village Apartments presented a rare opportunity to acquire and reposition a highly visible apartment-community asset with sustained appeal among the region’s highly educated, upper-income commuter tenant base,” Nicolaou said. “In a submarket where pre-1970s-era product accounts for over 50% of the apartment inventory based on age, the community is extremely well-poised for value-add repositioning.”
The property is within close access to routes 24 and 124 with connections to the Garden State Parkway, the New Jersey Turnpike and Interstate 78.
“Chatham is one of those rare bedroom-community municipalities that checks all the boxes for today’s multifamily investors: tree-lined streets, a top-ranked best-place-to-live and raise-a-family, nationally recognized schools and premier centers for retail, dining and recreation,” Jarvis said.