Activity Marks Unprecedented Activity in Final Stretch of 2014
LIVINGSTON, N.J., – January 16, 2015 – (RealEstateRama) — Gebroe-Hammer Associates’ investment brokerage activity in Northern New Jersey and Pennsylvania surpassed unprecedented levels in the final quarter of 2014 as multi-family buyers continue to pursue properties with rent-growth and value-add potential. During the last three months of the year, the firm’s area market specialists arranged sales involving 1,045 units.
“Multi-family is the hottest investment throughout Northern New Jersey and the Philadelphia metro region because apartment rentals possess enduring investment value that stands the test of time and erratic economic cycles,” said Ken Uranowitz, president.
“Whether the economy is white-hot or recessionary, or somewhere in between like it is now, multi-family is the real estate investment asset class of choice because people always need a place to live,” added Uranowitz. “Buildings of all sizes and property classes are trading at a historic pace.”
Gebroe-Hammer’s market specialists continue to record a high velocity of trades in North Jersey’s urban and suburban municipalities. “Proximity to main roadways and major highways, mass transit links and walking distance to shopping districts are requisites for today’s investors and tenants,” said Uranowitz. “Each of the multi-family and mixed-use buildings that were recently sold satisfies these criteria.”
New Jersey transactions in Union, Essex, Hudson and Bergen Counties include the:
· Sale of 227 units at 315 W 8th St., in Plainfield, arranged by Greg Pine, executive vice president, and Gehane Triarsi, sales representative
· Trade of 43 units at 574-582 Washington Ave., in Belleville for $4.375 million orchestrated by Nicholas Nicolaou, senior vice president, and Joseph Brecher, managing director
· Exclusive representation of the seller of 175 Pompton Ave. in Verona, by Uranowitz, who also procured the buyer
· 32-unit trade of 1203-1205 Broad St., in Newark orchestrated by Managing Director David Oropeza
· $1.71 million sale of 85 Anderson St., in Hackensack, also arranged by Pine
· Sale of 11 N. Harrison St., a mixed-use property in East Orange, where David Jarvis, executive vice president, represented the seller and identified the buyer of 12 units
· An additional 25-unit sale orchestrated by Oropeza in Irvington
· 10-unit trade of 325 Henry St., in Orange arranged by Jarvis and Oropeza
· The sale of a 140-unit luxury mid-rise in Union County
Adding to the firm’s latest activity is Stephen Tragash, senior vice president, who arranged the sale of 621-623 Eagle Rock Ave., a 7,500-square-foot office/retail building in West Orange.
Metro Philadelphia Market Heats Up
In Delaware County, Pa., which is adjacent to the city-county of Philadelphia, Managing Director Joseph Brecher reports an increase in the median per-unit asking price for multi-family properties as compared to the third quarter. Asking rents are up and vacancy rates are steadily trending downward.
“Thanks to the Millennial generation, who no longer want to live with their parents, and improved job opportunities, occupancy rates are gaining strength,” said Brecher, who arranged four separate sales, including Drexel Court, a 24-unit complex in Boothwyn, and 37 units at Creebank Apartments in Eddystone. “Inventory is being absorbed by investors very quickly and long-time owners who have been considering a sale are now acting to market their properties.”
Established in 1975, Gebroe-Hammer Associates specializes in multi-family investment sales of 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.
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