Landmark West Apartments in Newton — Courtesy: SELA Realty Investments
By Joshua Burd
An investment and property management firm has acquired a 168-unit apartment property in Sussex County for $18 million, with plans to add value through a series of renovations.
SELA Realty Investments, which is based in Fort Lee, announced that it had purchased Landmark West Apartments in Newton from a long-term owner. Sitting on 13.5 acres, the property at 100 Swartswood Road was 97 percent occupied at the time of the deal.
“We are proud to add this beautiful property to our growing portfolio,” said Tal Steinberg, managing partner for SELA Realty Investments. “This acquisition is a pure value-add property where the previous owners, who were the original builders, have had it for 44 years and as a result rents were substantially under market.
“We are planning to revive this gem by renovating the exterior including resurface the parking lot and roads, renovate the leasing office and all hallways and add amenities for the residents,” he added. “We want to position ourselves as the most pleasant community in the area with affordable rent prices and we believe that with some improvements we can achieve a much higher NOI.”
Steinberg also said the firm is “planning to keep this property for 40 more years, just like the previous owners did and bring back the charm this property once had.”
Adam Zweibel and Stephen Tragash of Gebroe-Hammer Associates represented both parties in the deal.