Gebroe-Hammer Associates said April 27 that 60 Class A multifamily units at The Residences at North Village in Sparta were sold for $14.65 million.
Executive Vice President Stephen Tragash exclusively represented the seller, NV MF Holdings LLC, and procured the buyer, Sparta Residence LLC.
“The Residences presented a rare new-construction multifamily investment acquisition opportunity within this rising, affluent suburban-bedroom corridor,” said Tragash, the firm’s Northwest New Jersey market specialist, who noted the property was 100% occupied at the time of sale. “Sussex County’s residents are highly educated and employed in professional jobs with companies based in New York City and New Jersey’s immediate suburban hubs.”
The Residences at North Village, Sparta. – GEBROE HAMMER ASSOCIATES
Constructed in 2020, The Residences is a three-story, amenity-rich apartment-home community within North Village, a 90-acre mixed-use development along Route 15/Lafayette Road. It includes 38 one-bedroom layouts — 27 of which are affordable housing — and 22 two-bedroom layouts. It rounds out the town center, which features ShopRite of Sparta, Starbucks, Jersey Mikes, Bubbakoos Burritos, Playa Bowls, Pizza One, F-45 Fitness and The Chelsea Assisted Living.
The Residences’ apartment homes include modern kitchens with granite countertops, solid wood cabinetry and stainless-steel appliances as well as tile-surround bathrooms, in-unit washer/dryer, oak LVT designer flooring and oversized windows offering abundant natural light. Select units also have balconies and full basement storage. On-premises lifestyle conveniences range from a playground and basketball and volleyball courts to an outdoor grill area with dining tables.
“For decades, Sussex County has been known for its agricultural and mining roots while undergoing pockets of development,” said Tragash. “As a result, the area has successfully attracted a new, established cohort of established professionals, executives with families and empty nesters seeking cultural, entertainment and recreational venues in the immediate vicinity.”
