962 High St. in Alpha — Courtesy: NAI DiLeo-Bram & Co.
By Joshua Burd
The longtime owner of a 98-unit apartment complex in Warren County has sold the property, in a newly announced transaction by NAI DiLeo-Bram & Co.
In a news release Monday, the brokerage firm said an undisclosed buyer acquired Evergreen Village Apartments, a cluster of seven buildings at 962 High St. in Alpha. Terms were not disclosed.
“There was tremendous interest in this property demonstrating the demand that continues to exist for fully stabilized, well managed, multi-family properties in New Jersey,” said David Simon, chief operating officer at NAI DiLeo-Bram. “The meticulously maintained property has been owned and managed by the seller for several decades, which made Evergreen Village extremely attractive to investors. The buyer was familiar with the property and its location, and felt that Evergreen Village was accretive to its existing multifamily portfolio.”
Simon completed the deal for the Piscataway-based brokerage firm, adding that Jerry Zaro and Jeffrey Meltzer of Sills Cummis & Gross PC represented the seller. NAI DiLeo-Bram said Evergreen Village, which has a mix of one- two- and three-bedroom units, is less than four miles from Interstate 78 and minutes from the Pennsylvania border.