Carriage Club at 1 Hillside Drive in Mount Arlington — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
A 106-unit, age-restricted rental community in Mount Arlington has changed hands for more than $23 million, following an investment sale brokered by Gebroe-Hammer Associates.
In a news release Monday, the firm said it represented the seller in the trade of The Carriage Club at 1 Hillside Drive. The brokerage team of Vice President Adam Zweibel and Senior Vice President Stephen Tragash handled the assignment on behalf of Carriage Club Associates LLC and procured the buyer, a private investment group.
The $23.45 million transaction amounts to $231,000 per unit.
Built in 2003, Carriage Club is a 55-and-over community with a mix of one- and two-bedroom units, according to the news release. Zweibel said the buyer was drawn to Carriage Club’s connectivity to interstates 80 and 287, routes 46 and 10 and the Garden State Parkway, along with its walkability to NJ Transit bus and rail service and nearby lifestyle services.
“Mt. Arlington and its neighboring boroughs on the shores of Lake Hopatcong are enjoying the fruits of their efforts to establish themselves as thriving bedroom communities of New York City dominated by an executive-level, diverse-age population,” Zweibel said.
He added that Carriage Club was 98 percent occupied at the time of the sale.
Gebroe-Hammer, which is based in Livingston, said Mount Arlington has evolved from a prewar summer vacation and resort community to “a bustling residential hub for serene living in the heart of one of New Jersey’s most beautiful areas.” Tragash touted the borough’s open space and nearby retail amenities such as Rockaway Town Square and Roxbury Mall, along with cultural venues such as the Mayo Performing Arts Center in Morristown.
“As a result of this ‘new identity’ associated with year-round living, Mt. Arlington has become a magnet for families, empty nesters and active adults,” Tragash said. “In turn, it has emerged as an in-demand, high-barrier-to-entry submarket for multifamily investors.”
