Stoney Brook Gardens at 643-715 East Front St. in Plainfield — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
A private investor has acquired a 70-unit garden apartment complex in Plainfield, in one of two newly announced transactions in the city by Gebroe-Hammer Associates.
The brokerage firm represented Stoney Brook Associates LLC in its sale of Stoney Brook Gardens, a collection of two-bedroom units at 643-715 East Front St. The property changed hands for $12 million.
“Plainfield has launched an aggressive redevelopment plan focusing on leveraging the medical and performing arts while adding to its existing housing stock in order to attract millennials and families,” said Stephen Tragash, an executive vice president with Gebroe-Hammer. “The city’s solid urban core, vibrancy and strong existing infrastructure are what attracted each of the buyers, both of whom recognize the untapped value-add and repositioning potential at these existing properties.”
Tragash completed the Stoney Brook Gardens transaction alongside the sale of Executive Arms Apartments, a 27-unit property at 309-315 West 8th St. A private investor paid $3.23 million to acquire the collection of 950-square-foot studios.
Niko Nicolaou, also an executive vice president with Gebroe-Hammer, procured the buyer.
The Livingston-based brokerage firm noted that both properties are within walking distance of mass transit service and other neighborhood amenities.
“The half-a-billion dollar Plainfield Redevelopment Plan is already having a favorable impact on existing properties such as Stoney Brook Gardens and Executive Arms Apartments, which will benefit from the delivery of 700-plus on-the-books workforce housing and luxury units as well as the adaptive reuse of Muhlenberg Hospital,” Tragash said. “The introduction of new housing options, along with medical office mixed-use redevelopment, will strengthen the area’s robust tenant pipeline in a suburban corridor that also offers Urban Enterprise Zone incentives and three state-designated Opportunity Zones.
“Plainfield is one of the state’s hottest cities for multifamily investment right now.”