The Residences at North Village at 1 Prosper Place in Sparta — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
A newly built, 60-unit apartment complex in Sussex County has changed hands for nearly $15 million, in a transaction arranged by Gebroe-Hammer Associates.
The brokerage firm said the fully leased property, The Residences at North Village, was completed last year as part of a 90-acre mixed-use development along Route 15 in Sparta. The seller, NV MF Holdings LLC, reaped $14.65 million from the deal with Sparta Residence LLC.
Gebroe-Hammer’s Stephen Tragash represented both parties.
“The Residences presented a rare new-construction multifamily investment acquisition opportunity within this rising, affluent suburban-bedroom corridor,” said Tragash, an executive vice president with the Livingston-based firm. “Sussex County’s residents are highly educated and employed in professional jobs with companies based in New York City and New Jersey’s immediate suburban hubs.”
The Residences is a collection of one- and two-bedroom homes with upscale interiors and on-site amenities, according to a news release. As part of the North Village development, the complex provides residents with easy access to a town center featuring a ShopRite, Starbucks, Jersey Mike’s, Bubbakoos Burritos and other operators.
“For decades, Sussex County has been known for its agricultural and mining roots while undergoing pockets of development,” Tragash said. “As a result, the area has successfully attracted a new, established cohort of established professionals, executives with families and empty nesters seeking cultural, entertainment and recreational venues in the immediate vicinity.”
Gebroe-Hammer also pointed to the property’s location minutes from Interstate 80 and other area highways, along with several NJ Transit rail and bus stops in the region.
