Gebroe-Hammer Associates said March 1 that it recently sold Dover Hills Apartments for $15.7 million.
Located at 99-120 First St., in the Morris County town of Dover, the circa-1964 garden-style community features a total of 100 apartment homes. Primarily comprised of one-bedroom layouts (72 units), the property also includes studio (15 units), two-bedroom (12 units) and three-bedroom floorplans (1 unit). Each features a fully equipped kitchen, air conditioning and hardwood floors throughout living spaces.
The firm’s Steve Tragash, executive vice president, procured the unnamed private buyer and Debbie Pomerantz, senior vice president, secured the exclusive listing on behalf of the seller, Dover Hills Properties LLC, in the transaction.
“Thanks to its sought-after location and Morris County’s expanding renter base of former big-city dwellers – both pre-pandemic and in the current COVID-19 economy – Dover Hills Apartments is a classic candidate for property repositioning,” said Tragash, who has been instrumental in expanding Gebroe-Hammer’s presence and activity throughout this tight submarket in recent years. “It’s spacious layouts alone have enduring appeal among the neighborhood’s executive- and managerial-level tenant base.”
“One of Dover Hills’ greatest assets is its location in Morris County, the state and the region,” said Pomerantz. “Situated within one of the fastest-growing counties in the entire tri-state area, Dover Hills also is at the heart of the municipality’s high-walk-score downtown business district – one of the most desirable neighborhoods where quaint architecture, access to mass transit and a quiet residential atmosphere co-exist.”
Ranked as one of the town’s most expensive neighborhoods and its safest, the district is Dover’s highest appreciating since 2000. Collectively and individually, each of these factors contributed toward garnering tremendous attention among investors.
Dover Rail Station is less than half a mile away. The NJ Transit station offers service along the Morristown and Montclair-Boonton lines to Newark (Broad Street), Secaucus Junction, New York Penn Station and Hoboken Terminal. Rounding out Dover’s transit offerings is a vast local highway network that includes U.S. Route 46, Interstate 80 and NJ Route 10, all of which connect to Interstate 287, the Garden State Parkway and NJ Turnpike.