A fully stabilized multifamily property in Warren County recently sold with a $42.95 million price tag.

Sage Investment Real Estate announced the deal July 15. Steve Tragash and Greg Pine, co-founders of the Morristown-based brokerage, exclusively represented seller Woodmont Properties and procured the unnamed buyer, a longtime client.

Located at 2000 Woodmont Drive in Independence Township, fully stabilized Woodmont Liberty Apartments boasts 120 rental apartments. The Sage team handling the deal also included Principal Eli Herskowitz and Analyst Angela Melillo, who recently joined the firm.

Fairfield-based Woodmont Properties developed the property, completed in 2023. Featuring one- and two-bedroom layouts, units also include smart-home technology along with private balconies or patios in select units.

This marks the fourth disposition Sage has handle on behalf of Woodmont Properties. The firm noted past sales including:

• Metropolitan Lofts in Downtown Morristown
• A 20-apartment and 106-townhome community in South Amboy
• An upscale 100-unit community in Bridgewater

The perfect mix

Tragash said the sale underscores robust demand for multifamily assets in well-located suburban markets.

See more of Woodmont Liberty Apartments in our slideshow here.

“We’ve seen tremendous growth in areas throughout Warren County, which offers the perfect blend of lifestyle amenities and accessibility,” he continued. “It’s increasingly becoming a preferred outer-ring suburb for those working in or commuting to New York City and various parts of Pennsylvania, driving strong rental demand and investor interest.”

Woodmont Liberty Apartments is accessible from highways including Interstate 80 and Routes 46 and 206, with convenient access to the Hackettstown train station.

The 11-acre property includes amenities, such as a fitness center, resort-style swimming pool and sundeck, clubhouse, coworking spaces and more. Units provide residents with kitchens featuring stainless-steel appliances, walk-in closet, and in-unit washer and dryers.

Sage said its recently recorded sales top $120 million, involving more than 350 Class A and classic value-add units in N.J. The firm launched at the start of 2024.