Sparta multifamily community sells for $14.65M, Gebroe-Hammer says

A multifamily community in Sparta has sold for $14.65 million, according to real estate firm Gebroe-Hammer Associates.

The firm said Tuesday in a news release that the Residences at North Village, which includes 60 Class A units, was sold by NV MF Holdings LLC to Sparta Residence LLC. Stephen Tragash, executive vice president with the Livingston-based firm, exclusively represented the seller.

“The Residences presented a rare new-construction multifamily investment acquisition opportunity within this rising, affluent suburban-bedroom corridor,” Tragash said in a prepared statement. “Sussex County’s residents are highly educated and employed in professional jobs with companies based in New York City and New Jersey’s immediate suburban hubs.”

The property was 100% occupied at time of sale.

“For decades, Sussex County has been known for its agricultural and mining roots while undergoing pockets of development,” Tragash said. “As a result, the area has successfully attracted a new, established cohort of established professionals, executives with families and empty-nesters seeking cultural, entertainment and recreational venues in the immediate vicinity.”

The Residences, a three-story community, sits within North Village, a 90-acre mixed-use development along Route 15 in the township. It includes 38 one-bedroom layouts — 27 of which are affordable housing — and 22 two-bedroom layouts.