Dover, NJ — North Jersey’s high-barrier-to-entry locations continue to drive the metro’s magnetic multifamily sales as reflected in the recent $15.7M trade of Dover Hills Apartments, according to the brokerage professionals at Gebroe-Hammer Associates. The firm’s Steve Tragash, executive vice president, procured the unnamed private buyer and Debbie Pomerantz, senior vice president, secured the exclusive listing on behalf of the seller, Dover Hills Properties LLC, in the transaction.
“Thanks to its sought-after location and Morris County’s expanding renter base of former big-city dwellers – both pre-pandemic and in the current COVID-19 economy – Dover Hills Apartments is a classic candidate for property repositioning,” said Tragash, who has been instrumental in expanding Gebroe-Hammer’s presence and activity throughout this tight submarket in recent years. “It’s spacious layouts alone have enduring appeal among the neighborhood’s executive- and managerial-level tenant base.”
Located at 99-120 First St., in the Morris County town of Dover, the circa-1964 garden-style community features a total of 100 apartment homes. Primarily comprised of one-bedroom layouts (72 units), the property also includes studio (15 units), two-bedroom (12 units) and three-bedroom floorplans (1 unit). Each features a fully equipped kitchen, air conditioning and hardwood floors throughout living spaces.