Woodmont Liberty at 2000 Woodmont Drive in Independence Township — Courtesy: Sage Investment Real Estate Advisors
By Joshua Burd
Woodmont Properties has reaped nearly $43 million from its sale of a new 120-unit luxury rental community outside Hackettstown, brokers with Sage Investment Real Estate Advisors said.
According to the listing team, an undisclosed buyer acquired the stabilized property off Route 517 and Bilby Road in Independence Township. Fairfield-based Woodmont completed the deal after delivering the project in 2023 and reaching full occupancy in spring 2024, drawing renters to a site that has smart-home technology, private balconies or patios in select units and amenities such as a high-end fitness center, a swimming pool with a sundeck and a clubhouse with coworking spaces.
Sage co-founding partners Steve Tragash and Greg Pine represented the seller and procured the buyer, a longtime client, in the $42.95 million transaction.
“The sale of Woodmont Liberty apartments underscores the robust demand for high-quality multifamily assets in well-located suburban markets,” Tragash said. “We’ve seen tremendous growth in areas throughout Warren County, which offers the perfect blend of lifestyle amenities and accessibility. It’s increasingly becoming a preferred outer-ring suburb for those working in or commuting to New York City and various parts of Pennsylvania, driving strong rental demand and investor interest.”
The brokerage team noted that Independence Township, located in scenic Warren County, provides residents with the tranquility of a suburban setting with convenient access to major employment hubs and recreational opportunities throughout the tristate region. The area also has top-rated schools and an array of eclectic local shops and dining establishments.
The Sage team also includes Principal Eli Herskowitz and Analyst Angela Melillo, who recently joined the Morristown-based firm, according to the company. The deal, meantime, marks the fourth disposition for Woodmont that was handled by members of Sage’s leadership, following the trades of Metropolitan Lofts in downtown Morristown, a 20-apartment and 106-townhome community in South Amboy and an upscale 100-unit community in Bridgewater.
In separate news release this month, Cronheim Mortgage announced that it had arranged $27.917 million in acquisition financing for the buyer of Woodmont Liberty. A national life insurance company provided the seven-year, nonrecourse loan with 42 months of interest only followed by a 30-year amortization schedule.
Woodmont touts full lease-up of 120-unit rental property near Hackettstown
