NEW JERSEY—An undisclosed buyer has paid $11.45 million for Dover Hills, a 100-unit apartment complex in Dover, N.J. The Kislak Co. Inc. marketed the property for sale on behalf of the seller and procured the buyer with Jonathan Greenberg, vice president, representing both parties in the transaction.
Financing was provided by Spencer Savings Bank.
“It is rare that a property of this size and quality becomes available in such a high demand area where multifamily properties rarely trade,” said Greenberg. “We are extremely pleased to have been given the opportunity to market Dover Hills on an exclusive basis. And I believe the sale was the largest single multifamily sale in Morris County this year.”
Constructed in 1964, Dover Hills is located in suburban Dover approximately 30 miles west of New York City. The property consists of four brick garden-style buildings with studio, one- and two-bedroom units on two acres.
The property recently underwent improvements, including new windows, kitchens and bathrooms. Amenities include multiple closets, hardwood floors and laundry facilities.