Gebroe-Hammer Associates Arranges $7.9 Million Trade of Woodbine Gardens in Woodbridge Township, N.J
108-Unit Complex to Undergo Repositioning.
- New York, NY (1888PressRelease) October 28, 2011 - Gebroe-Hammer Associates has arranged the $7.9 million trade of Woodbine Gardens, a 108-unit garden-apartment complex located at 1 Woodbine Rd., in the Avenel section of Woodbridge. Executive Vice President Joseph Brecher represented the seller, a private investor who owned the property for decades, and the buyer, a long-time Gebroe-Hammer client.
"The buyer acquired this property because of the tremendous upside potential, in terms of adding value and repositioning the units through an extensive renovation program," said Brecher. "The Avenel district is a commuter neighborhood where rental living is in demand among professionals, working class families and retirees, feeding the area occupancy rate of approximately 96% percent."
Located just three miles from the Metropark Amtrak Station in Iselin, Avenel has its own rail station on the North Jersey Coast Line, between Rahway and Woodbridge stations. New Jersey Transit also provides bus service to Port Authority Bus Terminal in Midtown Manhattan, Newark and other local destinations. U.S. Routes 1 and 9, Route 35 and the Garden State Parkway offer convenient roadway access.
Woodbine Gardens is strategically situated at the intersection of Route 35 and Woodbine Avenue. Built in the mid-1960s, the property includes 6 studio, 85 one-bedroom and 17 two-bedroom units with balconies. Shopping, dining, schools and parks are nearby.
"The single-family housing market has been and continues to be very weak, steering individuals and families toward rentals throughout central and northern New Jersey," said Ken Uranowitz, managing director. "Experienced investors, like the buyer of Woodbine Gardens, who owns several properties throughout New Jersey and Pennsylvania, recognize the strengthening of multi-family property fundamentals as an investment in the current economic environment."
Legal counsel was provided by Evan N. Pinkus, Esq, of Pinkus & Landsberg, of East Brunswick, N.J., and Rich Kelin, Esq., of Feinstein Raiss Kelin & Booker, of West Orange, N.J., on behalf of the seller and buyer, respectively.
Based in Livingston, N.J., Gebroe-Hammer Associates specializes in multi-family, retail and office property investment sales. With a concentration on suburban and urban high-rise, mid-rise and garden-apartment properties, the brokerage firm also markets mixed-use and free-standing office and retail properties throughout New Jersey, New York and Pennsylvania, including Philadelphia.
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