Livingston-based Gebroe-Hammer Associates on Friday announced it helped facilitate the sale of Hawthorne Towers, a collection of 133 apartment units in Montclair, for $38 million.
Executive Managing Director Joseph Brecher and President Ken Uranowitz exclusively represented the seller, Hawthorne Towers LLC, and Executive Managing Director David Oropeza procured the buyer, Rockledge Ventures LLC. Brad Domenico of Progress Capital arranged financing.
Located at 36 Hawthorne Place, the well-maintained midrise has been under the same ownership for over 52 years and was among one of Uranowitz’s first property-owner contacts when he launched his career with Gebroe-Hammer 47 years ago. Brecher also sold an 80-unit property in Somerset on behalf of the same owner 10 years ago.
Hawthorne Towers is in the heart of the Elm Street and Bloomfield Avenue section of Montclair. Originally constructed in 1962 and continually updated, Hawthorne Towers offers several market-unique community amenities such as a pool with sundeck and resort-style furnishings, outdoor grill and picnic area and on-site covered garage parking.
“Hawthorne Towers has been and continues to be an iconic landmark within this tree-lined neighborhood, and all of Montclair for that matter, thanks to lifestyle amenities and features typically not associated with this trendy, high-population density municipality,” Oropeza said. “It is this uniqueness that attracted the buyer, along with the apartment property’s tremendous curb appeal and Montclair’s sustained tenant pipeline.”
Featuring a mix of spacious studio and one- and two-bedroom layouts, each apartment unit has a chimed-entry door with door viewer, private intercom to the professionally designed lobby, custom kitchen cabinetry and ceramic-tile baths.
Hawthorne Towers is less than a three-minute walk to the Bloomfield Avenue Business District and one mile to Bay Street Rail Station. In addition to its extensive rail network, Montclair has nine bus routes and highway connectivity to the Garden State Parkway, Interstate 280, Route 46, Route 3 and Route 506/Bloomfield Avenue.