A trio of multifamily buildings located across New Jersey sold for a total $29.35 million. SAGE Invest Real Estate Advisors announced the sales in Morris, Bergen and Middlesex counties March 16.
The firm represented the seller and procured the buyer in each assignment.
Looking ahead, the Livingston-based boutique brokerage said it won the exclusive listing for two other residential communities: the Ravenscroft Apartments in Phillipsburg and Elmora Garden in Elizabeth.
Sage said the transactions highlight its ability to navigate diverse asset classes.
In Chatham, SAGE’s Steve Tragash led the $5.35 million transaction for The Ashton located at 312 Hillside Ave. According to the firm, the deal set a $741,000 per market-rate unit benchmark. The Ashton also includes seven market-rate luxury units and one COAH unit.
Built in 2024, The Ashton stands three stories. SAGE described the property as a “turnkey asset.” It offers two-bedroom, two-and-a-half bath residences featuring private patios, balconies and high-end finishes.
Tragash described Morris County municipality Chatham as a high-barrier, high-income market with “incredibly restrictive zoning.”
“Acquiring a fully stabilized, all-new luxury asset… is a rare opportunity, and the pricing reflects the strong rental fundamentals of the area,” Tragash said.
SAGE co-founding partners Tragash and Greg Pine also brokered the previously unreported sale of a 99-unit property in Palisades Park for $21.5 million.
Pine said that involved the 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. Featuring 20 units and “a collection of smaller budlings,” the disposition was part of an attorney-led estate liquidation, SAGE said.
It noted the specialized handling and strategic marketing involved to maximize value for the heirs, while also attracting an appropriate buyer that recognized the assets’ value-add potential.
New assignments
Looking ahead, SAGE’s newest assignments include The Ravenscroft Apartments in Phillipsburg. The Garden-style community located at 25 Fairview Ave. featuring 75 units with one-, two- and three-bedroom floorplans.
SAGE said the property offers opportunity for investors looking to scale in the West New Jersey/Greater Lehigh Valley multifamily rental market.
And Elmora Garden in Elizabeth is a 60-unit apartment rental community.
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