West Orange apartment complex sells for $40.5M

By Mario Marroquin, August 18, 2017 at 12:21 PM

<a href=Crest Ridge Apartments, 200 Mt. Pleasant Ave., West Orange." />

Crest Ridge Apartments, 200 Mt. Pleasant Ave., West Orange. - (GEBROE-HAMMER ASSOCIATES)

Commercial real estate firm Gebroe-Hammer Associates recently announced it completed the sale of a 178-unit apartment complex in West Orange.

The property, Crest Ridge Apartments, was sold from Rockledge Realty LLC to Sela Realty Investments for $40.5 million.

Gebroe Executive Vice President Greg Pine and VP Adam Zweibel represented the seller and procured the buyer for the property, located at 200 Mt. Pleasant Ave.

“Situated in the Town Center section of West Orange, Crest Ridge Apartments is at the heart of one of the most expensive, in-demand local neighborhoods as well as the transit-filled greater West Essex County submarket,” Pine said. “In a township where apartment rentals make up only about one-third of the housing stock, Crest Ridge Apartments is a ‘gem’ favored by the area’s professional, well-educated tenant base within one of the nation’s most expensive housing markets.”

Crest Ridge was built in 1964. The property is less than three miles from Interstate 280 and is near Route 10 and the Garden State Parkway.

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Mario Marroquin

Mario Marroquin

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Mario Marroquin covers real estate. A native of El Salvador, Mario is bilingual in English and Spanish. He graduated from Penn State University and worked in Pennsylvania before moving to New Jersey. His email is mariom@njbiz.com.

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