Gebroe-Hammer completes 5.76M in multifamily sales in North Jersey

Livingston-based Gebroe-Hammer Associates announced Tuesday it has completed three multifamily investment sales totaling $5.76 million and 86 units located throughout northern New Jersey.In Union County, Vice Presidents Stephen Tragash and Steven Follman arranged a $2.2 million sale of a 34-unit space in Elizabeth, the firm said.  The property, located at 1009-1015 East Jersey St., is a low-rise garden-style property.

Also in Elizabeth, Managing Director David Oropeza and Tragash also finished the sale of a 34-unit apartment complex located at 409-421 Jefferson Ave, the firm said.  The seller was a multibillion-dollar private equity fund.

“These two Elizabeth properties offer substantial value-add potential that the buyers recognized immediately,” Tragash, the firm’s Elizabeth market specialist, said in a prepared statement. “In general, multi-family properties rank as the highest rung on the investment ladder in this city.”

According to the firm, Managing Director Joseph Brecher and Executive Vice President David Jarvis completed the sale of Gold Haven Commons, an 18-unit condominium apartment complex that sold for $1.65 million.  The property, located at 512-516 Union Ave., features nine one- and three-bedroom units.

“Demographic trends have shifted to New Jersey’s urban and semi-urban locations,” said Brecher in a prepared statement. “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.”

In all three transactions, the firm’s brokerage team exclusively represented the sellers and indentified the buyers.

ALSO ON NJBIZ:

Morris Plains’ Lorenzo taking ClutterCrashers concept to companies

Survey: Nearly one in three companies exploring ways to avoid ACA mandate

Small Business Week: At Papa Ganache (Matawan), good vegan food is just half of a great story