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Gebroe-Hammer Associates arranged the sale of a 126-unit garden-apartment community with generational ownership of 40-plus years in Elizabeth, according to a Tuesday announcement.
Executive Vice President Stephen Tragash exclusively represented the seller and procured the buyer, a longtime client of the firm, in the trade of Chilton Hall Apartments in the city’s downtown section.
“Longtime ownership dispositions are pretty unique and stand out even more when they are as well maintained as Chilton Hall,” Tragash said. “Generally speaking, pre-1970s-era multifamily product across the Union County submarket has a 97%-plus occupancy rate. For this reason, investment demand for quality, existing product is still outpacing supply of for-sale multifamily properties. This is even more pronounced across high-population-density transit centers like Elizabeth.”
Located at 127 Chilton St., the Chilton Hall Apartments complex is a prominent fixture within a tree-lined residential neighborhood, standing at 21 buildings across approximately four acres. The community offers a mix of one- (60 units) and two-bedroom (66 units) floorplans. It is steps from six New Jersey Transit bus routes and minutes (0.4 mile) from Elizabeth Station, offering North Jersey Coast Line service. Union County College is two blocks away while Kean University is 1.4 miles from the property.
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