$4M Takes 48-Unit Apartment

HAMILTON TWP., NJ-White Horse Gardens, a 48-unit apartment complex in this Trenton-area suburb, has been sold for $3.6 million, or $75,000 per unit. The complex at 60-66 White Horse Pike consists of three, three-story buildings with a dozen one-bedroom units and 36 two-bedroom units, and was 95% occupied at the time of sale.

Brokers from the Livingston, NJ-based Gebroe-Hammer Associates arranged the transaction, with sales associates Steven Follman and Elliot Schechter and EVP Joel Schwartz representing the seller and procuring the buyer. Neither party was identified, described only by the brokers as private investment groups. Legal counsel came from Morris Silberberg of Silberberg & Klein, Howell, NJ, and Harold Ritvo PC of Hackensack on behalf of the seller and buyer respectively.

“The strong occupancy rate, coupled with the condition and location of the property, attracted the buyer, who was seeking to expand its portfolio,” Follman says.

“This suburban location has become quite popular among apartment renters who are commuting within New Jersey, as well as to New York and Philadelphia,” Schwartz says. “Demand has strengthened area occupancy rates, which are a leading driver for investment interest and activity.”