Gebroe-Hammer completes 6.75M sale in Sussex County

Gebroe-Hammer announced Friday that it completed a $6.75 million sale of The Regency at Sussex, a 100-unit multifamily apartment complex in Wantage.Stephen Tragash, vice president, exclusively represented both the seller, private investor Michael Halpern, and the buyer.

“We chose Stephen for the exclusive listing because my partners and I were impressed with his ability to dig in hard,” Halpern said in a prepared statement. Then, when the time to sell came, Halpern said, Tragash was able to make the calls and put in the work needed to get the deal done.

The property, located at 10 Layton Rd., is a 70-acre area large enough to house more than 200 additional apartment units, Tragash said.  It features a mix of one- and two-bedroom units ranging from 850 to 950 square feet of living space.  

“With nearby competitive properties operating in the 95 percent occupancy range, this asset presented a substantial value-added opportunity, which made it particularly attractive to investors,” he said in statement. “The new owner plans to reposition this property to benefit from the area’s resurgent housing market and continued movement in rents.”

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