Built in 1940, Ridgewood Commons in South Orange has now been sold four times since 1999. That’s according to Gebroe-Hammer Associates, which announced the latest acquisition of the 66-unit multifamily property located at 10 N. Ridgewood Road July 12.
Executive Vice President David Jarvis exclusively represented 10 North Ridgewood Road LLC, the seller, and procured the unnamed buyer, a private investor. Financial terms of the deal were not disclosed.
“Ridgewood Commons is a highly regarded icon known for its classic architecture and unique interior design touches that make it distinctive for its era and, of course, today,” Jarvis, who first sold the property for the original developer back 1999 and the three subsequent times, said in a statement.
In addition to a prime location – in the village center business district, within walking distance of one of the town’s two train stations – all apartments at the property have newly renovated kitchens and bathrooms; common areas also saw updates. Outside, the building has a new roof, windows, façade and pointing.
“South Orange’s Village Center is one of the most high-demand, pedestrian-friendly neighborhoods in the state,” Jarvis added. “Thanks to a highly strategic location at the intersection of two major county thoroughfares of Scotland Road and South Orange Avenue – as well as the Valley Street extension – this business district and its eclectic collection of shops and iconic storefronts is the hub for happenings in the entire region.”
And that demand is coming from “an extremely diverse tenant cohort,” according to Jarvis, who also noted the affluence of the area. The building’s residents are “a melting pot of artists, designers and people working in the media; professionals, managers, sales and office workers; and business and finance professionals. Rounding out this mix are undergraduate and graduate students and faculty at Seton Hall University.”
Ridgewood Commons offers a mix of studio, one- and two-bedroom, two-bathroom layouts. Among the building’s distinguishing features, Gebroe-Hammer noted its “tiered steps between rooms in select units, arched entryways, an art-deco lobby and a high-identity canopied lobby entry.”