Vintage NJ apartment building trades for $21M

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New Jersey-based developer Landmark Companies has sold a
legacy Elizabeth apartment building for $21.3 million.

Gebroe-Hammer Associates brokered the sale of Imperial House
Apartments, a 109-unit, 13-story high-rise at 750 N. Broad St. Executive vice presidents
Stephen Tragash and David Jarvis exclusively represented the seller, Landmark
Companies based in Keasbey, N.J., and procured the buyer, a private investor,
in the transaction.

Built in 1960 and acquired by Landmark Companies in 1986, the property is located within the North Elizabeth neighborhood where redevelopment is centered around a commuter-rail station that bears the same name. Comprised of 12 studios, 48 one-bedroom, 44 two-bedroom and five three-bedroom layouts, Imperial House offers tenants nine different floorplan options ranging from 490 to 1,350 s/f. Select units also include sunrooms, dining rooms and 25-ft. outdoor balconies.

STEPHEN TRAGASH

“Imperial House is considered an iconic residential fixture
in the city, where about 75 percent of the population is renters and nearly 70
percent of the housing stock originates from 1969 or earlier,” said Tragash,
the firm’s Elizabeth market specialist.

“This level of sustained tenant demand, which is even higher
at the neighborhood level, and dominant post-war housing vintage establish the
basis for Imperial House’s future value-add capabilities and an even higher
profile under new ownership.”

Eric Harvitt and Michael Gottlieb, both of whom are
principals with Landmark, were involved with the sale. “The buyer is obtaining
a very well-maintained building with large units and ample parking,” Harvitt
said. Gottlieb added, “Its amenities are what distinguish Imperial House from
its competition.” 

Situated at the northern end of Elizabeth’s business
corridor, Imperial House also offers walkability, proximity to lifestyle
conveniences and ease-of-access to front-door NJ Transit bus service. Kellogg
Park, a top sports-and-leisure enclave, as well as schools, houses of worship,
fitness centers, a pharmacy, bank branches, grocery stores and fast-casual and
gourmet restaurants are all nearby.

“While Imperial House’s prime location, turn-key status and
historically high occupancy rates were the initial draw for the buyer, the
modern-entry twin-elevator lobby, landscaped paver courtyard and newly
renovated and expanded paved-surface parking and indoor heated garage really
make it stand out among nearby comparable assets,” said Jarvis.     

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