Sage arranges $42.95M sale of apartment community in Independence Twp., NJ

Firm represents seller, Woodmont Properties, and procures buyer

INDEPENDENCE, NJ — Sage Investment Real Estate Advisors (Sage) has finalized the $42.95M sale of Woodmont Liberty Apartments, located at 2000 Woodmont Dr. in Independence Twp. Sage’s co-founding Partners Steve Tragash and Greg Pine exclusively represented the seller, Woodmont Properties, and procured the unnamed buyer, a long-time client.

The Sage team also includes principal Eli Herskowitz and Analyst Angela Melillo, who recently joined the firm. This marks the fourth disposition on behalf of Woodmont Properties handled by members of the SAGE team. Past sales transactions include Metropolitan Lofts in Downtown Morristown, a 20-apt. and 106-townhome community in South Amboy and an upscale 100-unit community in Bridgewater, all in NJ.

“The sale of Woodmont Liberty Apartments underscores the robust demand for high-quality multifamily assets in well-located suburban markets,” said Tragash. “We’ve seen tremendous growth in areas throughout Warren County, which offers the perfect blend of lifestyle amenities and accessibility. It’s increasingly becoming a preferred outer-ring suburb for those working in or commuting to NYC and various parts of PA, driving strong rental demand and investor interest.”

Developed by Woodmont Properties and completed in 2023, the fully stabilized Woodmont Liberty features 120 high-design apartment rental units featuring spacious one- and two-bedroom floorplans, smart-home technology and private balconies or patios in select units. Living-space elements include gourmet kitchens with stainless-steel appliances, quartz countertops and custom cabinetry, in-unit washers and dryers, walk-in closets and private balconies or patios in select units.

The community also boasts an array of resident-lifestyle conveniences. These include a state-of-the-art fitness center, a resort-style swimming pool with sundeck, stylish clubhouse with co-working spaces, resident lounge and an outdoor grilling area.

In addition to this latest transaction, Sage has recently recorded sales exceeding $120M and involving more than 350 class A and classic value-add units across NJ. These include closing a land sale to a local developer at 74-78 Market St., located in the heart of Morristown, and orchestrating the sale of an aggressively priced value-add offering in Palisades Park. The firm also is marketing multiple offerings across Essex, Morris, Union and Bergen counties, with several other NJ multifamily property deals in the pipeline.