Real Estate

Pine Hill complex sells for $26M

By Eric Strauss, July 25, 2014 at 9:28 AM

Chalet Gardens in Pine Hill. - (GEBROE-HAMMER ASSOCIATES)

Gebroe-Hammer Associates announced Thursday that Chalet Gardens, a 484-unit apartment complex in Pine Hill, was sold recently for more than $26 million.

This marks the third time the Livingston-based real estate firm has arranged the sale of the complex, Gebroe-Hammer said in a news release.

This time, the brokerage team of Joseph Brecher, managing director, and Adam Zweibel, sales associate, exclusively represented the seller and identified the buyer.

“The property, which is located next to the exclusive Trump National Golf Club, offered the buyer an ideal opportunity to take advantage of today’s historically low interest rates and the availability of capital to finance multi-family assets,” Brecher said.

The gated complex was built in 1973 and has 49 two-story buildings.

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Eric Strauss

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Eric Strauss is the Managing Editor of NJBIZ. He has been a reporter and editor for newspapers in New Jersey and Pennsylvania, as well as for a number of websites. You can contact him at erics@njbiz.com.