Transactions Total 2,180 Units Valued at $117+ Million
LIVINGSTON, N.J.- September 22, 2014 – (RealEstateRama) — Predictions that multi-family investment sales would continue to soar in the second half of 2014 are holding true based on early returns. Disproving the axiom that the summer months are “slow” for business, Gebroe-Hammer Associates completed 13 multi-family investment sales in July and August, totaling 2,180 units valued at $117.2 million.
“Demand among investors continues for all class categories of multi-family properties,” said Ken Uranowitz, president. “Targeted properties include those possessing a value-add component, which involves renovations and upgrades as part of the new buyer’s business plan in order to bring these newly acquired assets up to competitive market rates. We predict this trend will continue for the remainder of this year and beyond, especially as the economy continues to improve and many residents – notably the younger generation – are more inclined to opt for apartment-rental living.”
Eight of the 13 properties sold during the two-month timeframe were located in New Jersey’s Hudson, Union, Essex and Passaic counties:
Vice President and Hudson County market specialist Nicholas Nicolaou arranged the sale of a four-building package totaling 159 apartment and six commercial units located throughout Jersey City (115-119 and 125-129 Magnolia Ave. and 50 Stuyvesant/2 Romaine) and Hoboken (328-332 Jackson St.). Combined, the four properties garnered $21 million.
The $6.850 million sale of 52 units at 120-122 Park Pl. in Passaic was arranged by Debbie Pomerantz, vice president and Passaic/Bergen County market specialist.
55-59 Cherry St., a 23-unit property in Elizabeth, was sold for $1.1 million by Stephen Tragash, vice president.
Managing Director David Oropeza brokered the $1.025 million trade of 30-32 Rutgers St. in Irvington, a 27-unit property with five commercial spaces.
In Kearny, a 12-unit property also sold for $1.025 million.
In transactions outside of New Jersey, Eli Rosen arranged the sale of the Arbor Wood Duplexes in Philadelphia. The property, consisting of 21 duplex houses with a total of 42 one-bedroom apartments in the city’s Germantown/Mt. Airy section, traded for $2.375 million. The sales of four additional properties along the New Jersey/Pennsylvania corridor, totaling 1,865 units, were also arranged by Gebroe-Hammer’s brokerage teams.
Established in 1975, Gebroe-Hammer Associates specializes in suburban and urban high-rise, mid-rise and garden-apartment properties throughout New Jersey and Pennsylvania, including Philadelphia, as well as New York, throughout the Northeast and nationally. The firm also markets mixed-use and free-standing office and retail properties on behalf of a wide range of long-term clients, including private owners, REITS, private equity firms and other institutional investors. Widely recognized for its consistent sales performance, the firm is a 10-time CoStar Power Broker.
Media Contact: Carin McDonald / (201) 796-7788