134-unit apartment complex in Sussex County trades for $16.6M

Alpine Village Apartments, a 134-unit multifamily complex in the Borough Center area of Wantage Township, was sold late last month for $16.59 million, according to ROI-NJ. The outlet reported that Livingston-based brokerage Gebroe-Hammer Associates brokered the deal, representing both the seller and procuring the buyer, a private investor. Real Estate NJ reported that the Sussex County property is a garden-style community located at the crossroads of Routes 23 and 284. “As one of the nation’s most historic boroughs with a high concentration of pre-World War II housing units, Sussex has a residential population where approximately 68 percent are renters,” said a statement from Gebroe-Hammer executive vice president Stephen Tragash, who in March also brokered the $17.9 million sale of the 168-unit Landmark West Apartments in Sussex. The Alpine Village Apartments reportedly feature a mix of one- and two-bedroom units ranging from 808 to 1,090 square feet. [ROI-NJ]