Ravenscroft Apartments at 26 Fairview Ave. in Phillipsburg — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
A private investor has acquired a 76-unit apartment complex in Warren County, in a $7.6 million transaction arranged by Gebroe-Hammer Associates.
The multifamily brokerage said it represented Ravenscroft Assoc. LLC in its sale of Ravenscroft Apartments, a community located at 26 Fairview Ave. in Phillipsburg. The property sits off Route 22 and is minutes from the Pennsylvania border.
Gebroe-Hammer Senior Vice President Stephen Tragash marketed the property on behalf of the seller and procured the buyer.
“Phillipsburg is the heart and soul of Warren County and a geographic extension of the Easton/Bethlehem/Allentown-PA economic corridor, rendering this vibrant town a great place to invest, live as a tenant, work nearby and relax,” said Tragash, a North Jersey market specialist. “This family-friendly community offers the best of all worlds, from quiet suburban living and access to nearby local, regional and national retailers, to city-center proximity where there are limitless employment, entertainment and cultural opportunities.”
Located in the Hillcrest neighborhood, Ravenscroft Apartments includes a mix of one- and two-bedroom layouts, according to a news release. Each apartment features air conditioning, a modern galley kitchen, abundant closets and other amenities, while each building offers laundry facilities and off-street paved-surface parking.
Gebroe-Hammer also touted the complex’s location three miles from the Phillipsburg Mall and two and a half miles from Easton, Pennsylvania. Citing data from Apartments.com, the firm said average apartment rents in Phillipsburg as of this month are $625 for a studio, $990 for one bedroom, $1,211 for two bedrooms and $1,513 for three bedrooms.
“The town’s apartment stock, which is dominated by pre-1970s era buildings, is continuing its historically stabilized run, recording a rent appreciation rate of 5 percent in the past year,” Tragash said. “This is expected to inch upward in the coming year.”