A private investor bought a Phillipsburg, N.J., apartment complex for $7.6 million, reflecting the strong growth in the multifamily market of the Greater Lehigh Valley.
Gebroe-Hammer Associates, a Livingston, N.J., real estate agency, said it arranged the sale of 76 units at Ravenscroft Apartments at 26 Fairview Ave. The property is near the Delaware River and Easton, in close proximity to Route 22.
Stephen Tragash, senior vice president, represented the seller, Ravenscroft Associates LLC, and secured the buyer. Tragash declined to identify the buyer.
The sale follows a growing trend of people seeking to rent rather than buy, according to Tragash.
“It’s definitely a local trend and a national trend that is just following the demand that people want to rent across the board,” Tragash said.
Another apartment community, Sycamore Landing, recently opened in nearby Lopatcong Township off Route 22 near the Phillipsburg Mall, a property that has more than 200 units.
The new owner of Ravenscroft Apartments is going to renovate the property, which should increase its value, Tragash said.
“Most of the kitchens and bathrooms are from the 1970s. and he is going to modernize them to make it more attractive to renters,” Tragash said.
The one- and two-bedroom units include air conditioning, oversized windows and second- and third-floor balconies.
Rents for one bedrooms range from $825 to $850 and rents for two-bedroom units go for $1,000 to $1,100, he added.