Sparta, NJ — At a time when the population shift from surrounding urban areas is feeding a full-time tenant boom in Sussex County, 60 class A multifamily units at The Residences at North Village in Sparta have been sold for $14.65M in a transaction orchestrated by Gebroe-Hammer Associates. Executive VP Stephen Tragash exclusively represented the seller, NV MF Holdings LLC, and procured the buyer, Sparta Residence LLC.
“The Residences presented a rare new-construction multifamily investment acquisition opportunity within this rising, affluent suburban-bedroom corridor,” said Tragash, the firm’s Northwest New Jersey market specialist, who noted the property was 100% occupied at the time of sale. “Sussex County’s residents are highly educated and employed in professional jobs with companies based in New York City and New Jersey’s immediate suburban hubs.”
Constructed in 2020, The Residences is a three-story amenity-rich apartment-home community within North Village, a 90-acre mixed-use development along Rte. 15/Lafayette Rd. This town center features ShopRite of Sparta, Starbucks, Jersey Mikes, Bubbakoos Burritos, Playa Bowls, Pizza One, F-45 Fitness and The Chelsea Assisted Living. The Residences round out North Village’s upscale live-work-relax lifestyle with 38 1BR/1 Bath (770-816 s/f) – 27 of which are COAH-designated units – and 22 2BR/2 Bath (1096-1152 s/f) layouts.
The Residences’ apartment-home features include modern kitchens with granite countertops, solid wood cabinetry and stainless-steel appliances as well as sleek tile-surround bathrooms, in-unit washer/dryer, oak LVT designer flooring and oversized windows offering abundant natural light.