Pine Hill complex sells for $26M

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.

ALSO ON NJBIZ:

New Jersey F1 race may be postponed again

Assembly Republicans hold roundtable discussion with business leaders

Rutgers study finds residents pessimistic about Sandy rebuilding