Roseland, N.J. – Gebroe-Hammer Associates has arranged the $130 million sale of Nob Hill Apartments, a sprawling 360-unit garden-style community located at 28 Nob Hill Rd., in Roseland, N.J. Executive Vice President Greg Pine along with President Ken Uranowitz exclusively represented the seller, the original developer/owner since 1978, and Senior Vice President Nicholas Nicolaou procured the buyer, the investment firm Novel Property Ventures. The buyer arranged financing for the transaction in collaboration with JLL.
This sale comes on the heels of Gebroe-Hammer’s involvement representing the seller and identifying the buyer in the $100 million trade of 642 units in the Northern New Jersey municipality of Lodi, which closed last week.
“The hunt for multi-family product throughout North Jersey is enduring. Nob Hill is one of the most prestigious, well-known properties in western Essex County and perhaps the state’s entire northern metro, attracting many high-net worth individuals – from millennials to retirees. A property of such prominence comes to market perhaps once every generation, if that,” said Pine.
Conveniently accessible from Eisenhower Parkway, a main thoroughfare in western Essex County with connections to Routes 280, 80, 24, 10 and the Garden State Parkway, Nob Hill offers a mix of one- and two-bedroom layouts as well as three-story duplexes with ground-floor garages and storage rooms. Community amenities include a swimming pool, tennis courts, off-street parking and sundecks.
In addition to offering a broad selection of apartment-home layouts, community spaces and facilities, Nob Hill’s prominent profile is linked to its superior, picturesque location favored by the region’s professional and executive-level tenant base. Tucked into the base of a low-rise mountain, Nob Hill offers ease of access to a vast local, regional and national highway infrastructure as well as mass transit options that include NJ Transit service with a bus stop adjacent to the complex’s entrance and nearby rail service in Montclair.
“The buyer plans to expand upon the seller’s in-place renovations by implementing a capital improvement program that elevates the amenities to the next level in order to appeal to the area’s urban-sophisticate tenant base,” said Nicolaou. “This particular demographic seeks a balance between luxury suburban – in terms of quaint residential neighborhoods – and urban, which offers proximity to outdoor recreation, cultural venues, shopping and dining. For this reason, the buyer pursued this exceptionally rare investment opportunity.”
Although it ranks as the smallest of the seven distinct geographic concentrations that form the Northern New Jersey apartment market, the West Essex County submarket’s apartment stock includes 6,838 total units, amounting to 7.5% of the total metro inventory. It is home to several Fortune 500 companies, including Roseland-based ADP.
Gebroe-Hammer is the leading multi-family investment sales brokerage firm in New Jersey and the entire tri-state region. The firm’s brokerage activities concentrate on suburban and urban high-rise and garden-apartment properties throughout the Northeast and nationally. Gebroe-Hammer also markets mixed-use and free-standing office and retail properties. Widely recognized for its consistent sales performance, the firm is an 13-time CoStar Power Broker.