Alpha apartment complex sells, NAI DiLeo-Bram says

The Evergreen Village Apartments complex in Alpha has sold, according to real estate firm NAI DiLeo-Bram & Co.

The firm said in a news release that the seven-building property includes 98 units in one- to three-bedroom configurations.

NAI DiLeo-Bram’s David Simon, chief operating officer, arranged the sale, while Jerry Zaro and Jeffrey Meltzer of Sills Cummis & Gross P.C. represented the seller in the transaction.

“There was tremendous interest in this property, demonstrating the demand that continues to exist for fully stabilized, well-managed multifamily properties in New Jersey,” Simon said in a prepared statement. “The meticulously maintained property has been owned and managed by the seller for several decades, which made Evergreen Village extremely attractive to investors.

“The buyer was familiar with the property and its location, and felt that Evergreen Village was accretive to its existing multifamily portfolio.”

Financial terms were not disclosed. Neither the buyer nor the seller was disclosed.