The Ashton at 312 Hillside Ave. in Chatham — Courtesy: SAGE Investment Real Estate Advisors
By Joshua Burd
A new eight-unit luxury rental property in Chatham has sold for nearly $5.4 million, in one of three newly announced transactions by SAGE Investment Real Estate Advisors.
According to the brokerage team, the asset known as The Ashton includes seven market-rate homes and one that’s reserved as affordable housing. That translates to a benchmark price of $741,000 per market-rate unit for the property at 312 Hillside Ave., which has two-bedroom, two-and-a-half-bathroom floorplans with private patios, balconies and high-end finishes.
SAGE’s Steve Tragash spearheaded the $5.35 million deal.
“Chatham is a high-barrier, high-income market with incredibly restrictive zoning,” Tragash said. “Acquiring a fully stabilized, all-new luxury asset in one of Morris County’s most desirable suburbs is a rare opportunity, and the pricing reflects the strong rental fundamentals of the area.”
The Morristown-based firm’s recent deals total $29.35 million and involve properties ranging from the new high-end townhome development to a large-scale rent-stabilized portfolio and a complex estate sale. In all three transactions, SAGE represented the seller and procured the buyer.
The deals also include the $21.5 million sale of a Palisades Park property brokered by Greg Pine and Tragash, SAGE’s co-founding partners. The 99-unit complex, which has a mix of studio, one-bedroom and two-bedroom layouts, changed hands after what the firm said was a complex process of assuming an existing life-insurance company mortgage.
In Middlesex County, SAGE Principal Eli Herskowitz arranged the $2.5 million sale of 15-35 Simplex Ave. in New Brunswick. Comprised of 20 units and a collection of smaller buildings, the assets sold as part of an attorney-led estate liquidation that required specialized handling and strategic marketing to maximize value for the heirs while attracting a buyer capable of recognizing the asset’s significant value-add potential.
The brokerage firm, meantime, has picked up two new listings, including the 75-unit Ravenscroft Apartments at 25 Fairview Ave. in Phillipsburg. In the second assignment, SAGE is taking offers on a 60-unit rental community in Elizabeth known as Elmora Gardens.
