NEWS RELEASE
Gebroe-Hammer Associates
2 West Northfield Road
Livingston, New Jersey 07039
Media Contact:
Carin McDonald / (201) 796-7788 / carin@caryl.com
GEBROE-HAMMER ASSOCIATES ARRANGES SALE OF 34-UNIT SEASONS AT
SPARTA IN SUSSEX COUNTY, N.J.
Firm’s Tenacity Brings 55+ Active Adult Property to Closing Table
SPARTA, N.J., March 30, 2012 – Gebroe-Hammer Associates’ brokerage professionals
are known for their tenacity and agility, both of which were recently exhibited by
Stephen Tragash and Steven Follman, sales associates, in the $3.2 million sale of
Seasons at Sparta. Built in 2003, the sprawling 34-unit age 55+ active adult community
had been marketed by several different brokers intermittently during the course of the
past six years, but it was the brokerage team of Tragash, who exclusively represented
the seller, 84 Sparta Avenue LLC, and Follman, who identified the buyer, Seasons at
Sparta Associates, LLC, that recently brought the transaction to a close.
“Since the housing inventory for seniors has not kept pace with demographics,
especially in the Northern New Jersey region, well-maintained communities like
Seasons at Sparta are now commanding greater investor attention,” said Tragash.
Located at 84 Sparta Ave., in picturesque Sussex County, N.J., Seasons at Sparta is
strategically situated adjacent to the Sparta Township Senior Center where older adults
can participate in a wide range of events and activities. These include computer and
exercise classes, including yoga and Tai Chi; dancing programs; painting lessons;
cooking demonstrations; and book discussions. Shopping, restaurants, churches, parks
and medical facilities are all within a short walking distance.
“Over the long term, these types of multi-family properties perform very favorably – a
fact recognized by the buyer who sought to expand his portfolio in the area,” added
Follman.
On-site community amenities include concierge services; spacious, well-appointed
community gathering spaces; fitness center; ample parking; and laundry facilities. Each
apartment-rental unit features a dishwasher, stove, oven, refrigerator, washer/dryer
hook-up and individual climate controls for baseboard heating and central air
conditioning. Swimming pool access is available at an adjacent facility.
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Gebroe-Hammer Associates/Seasons at Sparta/Page 2
In addition to specializing in brokerage solutions for traditional as well as HUD, age- and
income-restricted multi-family properties, Gebroe-Hammer orchestrates a wide range of
complex commercial real estate dispositions and acquisitions, including office and retail.
The firm’s market specialists also are involved in distressed debt and note sales.
“Multi-family brokerage is all about relationship-building, especially in a complex market
like New Jersey where the majority of properties are owned by private investors and
their families,” said Ken Uranowitz, managing director. “Business acumen, knowledge of
market and economic trends, creativity and astute deal-structuring capabilities are the
building blocks for long-term success. This sale reflects all of these things, which have
been at the core of Gebroe-Hammer’s business philosophy since its founding 37 years
ago.”
Legal representation for the Seasons at Sparta transaction was provided by Aldo
DiTrolio, Esq., of Gaccione Pomaco PC in Belleville and Mitchell Beinhaker, Esq., of
Westfield, on behalf of the seller and buyer, respectively.
Based in Livingston, N.J., Gebroe-Hammer markets suburban and urban high-rise, midrise and garden-apartment buildings as well as mixed-use and free-standing office and
retail properties throughout New Jersey, New York and Pennsylvania, including
Philadelphia, and the Northeast. Established in 1975 by industry icons Mel Gebroe and
Morris Hammer, Gebroe-Hammer’s client base includes private owners, REITS, private
equity firms and other institutional investors. Widely recognized for its consistent sales
performance, the firm is an eight-time CoStar Power Broker.
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About Gebroe-Hammer Associates