Woodmont Square at Bridgewater — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
Woodmont Properties has sold a 100-unit apartment complex in Bridgewater for more than $32 million, in a sale announced by Gebroe-Hammer Associates.
The brokerage firm said Wednesday that it represented Woodmont Properties at Bridgewater LLC in the sale of Woodmont Square at Bridgewater, located at 100 Bellis Court. An unnamed buyer acquired the courtyard-style garden apartment community, which was built in 2012, for $32.55 million.
The Gebroe-Hammer team of Executive Vice President Greg Pine, Senior Vice President Stephen Tragash, and Sales Associate Eli Herskowitz brokered the sale. Nate Lowy of Juniper Capital Group brokered $23.5 million in financing, sourcing the debt through a local bank, with a rate in the low 4’s.
“Whenever the renter population and the apartment stock percentages mirror one another, this demonstrates demand for existing multifamily properties is at a premium,” Pine said. “In Bridgewater, the population is dominated by highly educated executives and managers who fall between the ages of 35 to 54.
“This tenant base is drawn to the family-friendly character of Bridgewater, proximity to Fortune 500 employers and ease of highway and mass transit access.”
Woodmont Square features a mix of one- to three-bedroom layouts with high-end interiors, finishes and appliances, according to a news release. On-site amenities include a clubhouse, fitness center, game room, business center and basketball court, among others.
Gebroe-Hammer touted the community’s location off Route 202 and its access to other major highways, along with Bridgewater’s popular retail, commercial and recreational offerings.
“Each of these factors, along with the rare opportunity to acquire an upscale suburban bedroom-community apartment complex, is what appealed to the buyer,” Tragash said. “Newly constructed for-sale multifamily investment assets in this important, high-profile corridor connecting Princeton to Morristown is atypical.”