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Gebroe-Hammer Associates Arranges $130M Sale of 360-Unit Apartment Community

Nob-Hill-Apts-Roseland-NJ

Located in Roseland, N.J., Nob Hill Apartments features 360 apartments in a mix of one- and two-bedroom layouts and three-story duplexes. (Photo credit: Gebroe-Hammer Associates)

ROSELAND, N.J. — Gebroe-Hammer Associates has brokered the sale of Nob Hill Apartments, a garden-style apartment community located at 28 Nob Hill Road in Roseland. Novel Property Ventures acquired the property from Segal & Segal for $130 million. The 360-unit property features one- and two-bedroom layouts, as well as three-story duplexes with ground-floor garages and storage rooms. Community amenities include a swimming pool, tennis courts, off-street parking and sundecks. Greg Pine and Ken Uranowitz of Gebroe-Hammer represented the seller, while Nicholas Nicolaou of Gebroe-Hammer procured the buyer.

Additionally, JLL secured $102 million in acquisition financing and a $10 million construction facility for the purchase and rebrand of the 30-building property. Acore Capital provided the financing package, which was arranged by Dustin Stolly and Aaron Niedermayer of JLL.

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