The Carlton, 63 Hill St., in Morristown — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
A midrise apartment building in Morristown has traded hands for $18.5 million, the largest among more than $50 million worth of recent investments sales orchestrated a veteran broker with Gebroe-Hammer Associates.
The broker, Stephen Tragash, represented the developer of the 64-unit building in Morristown known as The Carlton, according to a news release. The brokerage team for the property at 63 Hill St., also included Gebroe-Hammer President Ken Uranowitz and Executive Vice President David Jarvis.
Tragash touted the property’s location, noting that it’s less than a half-mile from the downtown Morristown train station and about 2 miles from the Covenant Station line. Several major highways also are in the vicinity, including interstates 287, 78 and 80, along with routes 24, 10, 46 and 206/202.
“Access — whether it be via highways or commuter transit — is the common thread that ties each of these investment properties together,” Tragash said in a prepared statement. “The new normal for multifamily investing is to concentrate on municipalities — from cities to transit-heavy suburbs and rural residential centers — where existing properties pose tremendous upside potential. This has always been and continues to be the ‘bread and butter’ of the multifamily housing stock.”
Tragash’s recent deals total more $51.35 million in value and include 315 units. They include the following:
- The $4.9 million sale of 56 units at 6 Pomona Ave. in Newark
- The $3 million sale of 35 units at 229-235 and 309-317 Chilton St.
- The $4.725 million sale of 21 units at 800 and 810 Bloomfield Ave. in Verona
- The $5 million sale of 40 units at 495 Main St. in Chatham
- The $6.35 million sale of 54 units at 1052-1116 Park Ave. in Plainfield (brokered with Gebroe-Hammer Sales Representative Gehane Triarsi)
- The $8.8 million sale of 45 units at Arberlour Apartments at 1 Trinity St. in Newton
