168-unit Newton apartment complex sells for $17.9M

Livingston, New Jersey-based brokerage Gebroe-Hammer Associates announced last week that it had brokered the $17.9 million sale of a 168-unit apartment complex in Sussex County to a private investor. The deal is for the garden-style Landmark West Apartments in Newton, according to ROI-NJ. The 11-building complex at 100 Swartswood Road, which was once the subject of a long-running tax dispute, was owned by Newton West Ltd. It is comprised of one- and two-bedroom apartments ranging from 750 to 1,041 square feet, GlobeSt reported. The deal came only a few weeks after Gebroe-Hammer brokered the $75 million sale of an 18-building, 487-unit multifamily portfolio owned by Madison Hill Properties in Hudson and Bergen counties. GlobeSt reported in mid-February that Progress Capital provided $60 million in financing for that transaction, which saw a private investor take control of the properties located in the municipalities of Bergenfield, Lodi and Union City. [ROI-NJ]