Investment Overview

Marcus & Millichap is pleased to present for sale The High Gate Apartments, a high-rise apartment building located in Atlantic City, New Jersey. The offering is for 194 condominium units in the building, which has 222 units total. The High Gate Apartments represents a compelling investment opportunity in the revitalizing Atlantic City multifamily market. Located within proximity to major employers, transportation, and the Atlantic City Boardwalk, this asset provides steady cash flow with notable upside through continued capital improvements and operational optimization. Interior Renovations: Approximately 120 units have been upgraded with modern flooring, enhancing both tenant satisfaction and rental income potential. This renovation initiative reduces future capital expenditure requirements and offers a strong foundation for value-add investors to complete remaining units. HVAC: Each unit is individually climate-controlled with one or two PTAC (Packaged Terminal Air Conditioner) units, allowing for tenant comfort and easier maintenance control compared to central HVAC systems. Security Enhancements: The current ownership has made a significant investment in safety and resident peace of mind by installing over 50 new security cameras throughout the property. This proactive security infrastructure supports tenant retention and reduces risk. Value Add Potential: While a substantial portion of the units have been updated, remaining unrenovated units present a strategic opportunity to further increase rents through targeted improvements. Atlantic City Market Tailwinds: With ongoing redevelopment initiatives in Atlantic City and increased focus on diversifying beyond gaming, multifamily assets are positioned to benefit from population stabilization and job growth, particularly in healthcare, education, and hospitality sectors. The High Gate Apartments offer a mix of in-place cash flow and future upside potential. The recent renovations, enhanced security, and solid fundamentals make this an ideal opportunity for investors seeking both yield and long-term appreciation. As demand for quality workforce housing continues to rise in Atlantic City, stabilized assets with additional value-add runway - such as The High Gate - are poised to outperform.