Gebroe-Hammer arranges two separate NJ multi-family trades totaling $113.5 million
SPRINGFIELD/MORRISTOWN, NJ — Gebroe-Hammer Associates has represented Forest Realty in the estate sale of two separate multi-family properties sold for a combined $113.5 million in Springfield and Morristown. The firm’s brokerage teams, led by managing director Joseph Brecher, also identified the buyers of Short Hills Village Club (Springfield) and Franklin Manor (Morristown). The sale of the properties, which were owned by Forest Realty for over 40 years, represents one of the state’s largest multi-family transactions recorded in 2015 thus far.
Short Hills Village Club, which was acquired for $83.5 million by
SH Club Village, LLC, is a unique 286-unit garden-apartment and townhome community located at 67A Forest Dr., on the Millburn/Short Hills border of Springfield. The 26-building complex is comprised of three different phases, each of which has been newly renovated or newly constructed in the past five years. Seven laundry facilities, an on-site fitness center, swimming pool, playground, 489 parking spaces and 116 garages also are located throughout the 19.8-acre complex.
The second property, located at 114 Franklin St. in Morristown, was acquired by RK Franklin LLC, for $30 million. Franklin Manor is a 140-unit garden-style apartment community where free on-site parking is available in a 177-space lot that also houses 57 garages.
In addition to the Springfield and Morristown property trades, Brecher recently arranged the sale of the lease-hold interest for Forest Glen in Highland Park, NJ on behalf of the seller’s estate.