SAGE Investment Real Estate Advisors has announced the sale of a 24-unit garden-style Oradell Apartments in Oradell, New Jersey for an undisclosed price.
The firm’s partners and co-founders Greg Pine and Steve Tragash managed the sales process and arranged the transaction on behalf of long-term ownership, Oradell Associates LLC. SAGE also procured the unnamed buyer, a private investor that has been active in Bergen County over the years.
“This owner, with whom I’ve had a relationship for the past 15 years, has owned and been a remarkable steward for the property since the 1960s, making it an attractive value-add offering. Because of this, Oradell Apartments was sold at a very aggressive cap rate attributable to its below-market rents,” said Pine. “There are two parallel investment storylines in the market right now – new construction and value add. Both asset classes are highly desirable – depending on the investor’s mandate. Several buyers expressed interest in this specific property based on the location, size and opportunity for a new owner to create value.”
In addition to closing the sale of Oradell Apartments, SAGE recently was involved in the sale of 59 Class A multifamily units at The Metropolitan Lofts in downtown Morristown, and a garden-style property in Elizabeth.
SAGE is a fully integrated brokerage firm specializing in commercial real estate investment. Using market experience and an authentic approach, SAGE meets the full spectrum of its client needs. The firm’s nimble methodology approach to each deal, in combination with precision marketing or a broad-stroke campaign as well as long-term relationships, is key to SAGE’s philosophy.
Based in Morristown, New Jersey, SAGE focuses on New Jersey and Pennsylvania’s multifamily properties, shopping centers, mixed-use developments, industrial assets and land for future development. The company was established in late 2023 by co-founders Steve Tragash and Greg Pine, who forged a dynamic partnership spanning over 17 years working side-by-side at the same firm.
