The $14.5 million sale of a multifamily property in Summit, New Jersey, was recently finalized.
The transaction involved Beach Spring Village Apartments, a 53-unit garden community centrally located in Summit’s Springfield Avenue section. The residences encompass a mixture of recently renovated studio, one- and two-bedroom layouts, some of which offer junior and duplex floorplan options. Summit is a mid-sized city located approximately 15 miles from Manhattan and is well-connected via various transit options.
Gebroe-Hammer Associates organized the transaction with Executive Vice President David Jarvis representing the undisclosed buyer and seller. Gebroe-Hammer had previously arranged the purchase of Beech Spring Village on behalf of the current seller in mid-2019.
“Situated only 15 miles from Manhattan, Summit consistently attracts former New York City dwellers due to its outstanding award-winning public-school district, commuting ease via a vast network of highway, bus and rail connection options and lifestyle amenities for all ages,” said Jarvis. “In addition to shopping and dining at the Mall at Short Hills, there are several local upscale shopping districts and a full complement of recreational and cultural venues, all of which contribute toward a well-rounded lifestyle for established professionals, executives with families and high-income empty nesters.”