Gebroe-Hammer Completes $5.76 Million in Multi-Family Sales in Union and Essex Counties
Trio of Well-Located Assets Total 86 Units.
- Newark, NJ (1888PressRelease) May 14, 2014 - Gebroe-Hammer Associates has completed a trio of multi-family investment sales totaling $5.76 million and 86 units located throughout Northern New Jersey's Essex and Union counties. In all three transactions, the Gebroe-Hammer brokerage teams exclusively represented the sellers, long-time clients of the firm, and identified the buyers.
In Union County, Vice Presidents Stephen Tragash and Steven Follman arranged the sale of 1009-1015 East Jersey St., a 34-unit property in Elizabeth that traded for $2.2 million. The low-rise garden-style property is centrally located just off Spring Street (U.S. 1/9) between the intersections of East Grand Street and Elizabeth Avenue, a short distance from the New Jersey Turnpike.
Nearby at 409-421 Jefferson Ave., David Oropeza, managing director, and Tragash also concluded the sale of a 34 apartment-rental unit complex, which was constructed in 1971. The seller was a multi-billion dollar private equity fund Gebroe-Hammer has recently represented exclusively in several other multi-family transactions throughout Northern and Southern New Jersey.
"These two Elizabeth properties offer substantial value-add potential that the buyers recognized immediately," said Tragash, the firm's Elizabeth market specialist. "In general, multi-family properties rank as the highest rung on the investment ladder in this city."
In the urban hub of Irvington in Essex County, Gebroe-Hammer's team of Joseph Brecher, managing director, and David Jarvis, executive vice president, completed the sale of Gold Haven Commons, an 18-unit "fractured" condominium apartment property that sold for $1.65 million. Situated at 512-516 Union Ave., just north of the intersection of the Garden State Parkway and I-78, Gold Haven Commons features nine one-bedroom and nine three-bedroom units, as well as nine on-site parking garages.
"Demographic trends have shifted to New Jersey's urban and semi-urban locations," said Brecher. "Tenants want to live near where they work, and/or have close access to transportation that will allow them to take advantage of sporting, entertainment and dining venues from Newark to New York City and everywhere in between. Investors have been flocking to these markets for some time now due to fortified occupancy rates."
Gebroe-Hammer Associates specializes in suburban and urban high-rise, mid-rise and garden-apartment properties throughout New Jersey, New York and Pennsylvania, including Philadelphia. 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, Gebroe-Hammer is a 10-time CoStar Power Broker.
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