Sela Realty Investments paid $40.5 million for the 178 garden apartments at Crest Ridge Apartments in the wealthy Essex County township of West Orange, NJ.
“In a township where apartment rentals make up only about one-third of the housing stock, Crest Ridge Apartments is a ‘gem’ favored by the area’s professional, well-educated tenant base,” said Greg Pine, executive vice president for Gebroe-Hammer Associates, which represented the seller in the transaction, Rockledge Realty, and procured the buyer.
Rockledge built the 16-building complex at 200 Mt. Pleasant Ave. in 1964 at the base of an 80-foot cliff. Monthly rents average $1,252 for studios, $1,678 for one bedrooms, $2,223 for two bedrooms ad 2,550 for three bedrooms. The price works out to $228,000 per apartment.