Gebroe-Hammer Associates
2 West Northfield Road
Livingston, NJ 07039

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Release Date: February 6, 2008

PARKWOOD PLACE APARTMENTS IN NEWARK SELLS FOR $22 MILLION
Gebroe-Hammer Associates Negotiates Trade of 7-Building 293-Unit Apartment Complex in Branch Brook

NEWARK, N.J., February 6, 2008 – Parkwood Place Apartments, a seven-building, 293-unit apartment complex in Newark, N.J.’s Branch Brook neighborhood, recently sold for $22 million. The transaction was brokered by Gebroe-Hammer Associates, the dominant multi-family investment brokerage firm in the tri-state area. 

Executive Vice President Joel Schwartz represented the owner, Cromwell Associates of N.Y. as the exclusive listing agent. David Oropeza, executive vice president, procured the buyer, Parkwood Realty, also of N.Y. Senior Vice President David Jarvis, Gebroe-Hammer’s Newark area sales representative, also was involved in the sale. “These beautifully-maintained buildings form a core part of this desirable neighborhood,” said Schwartz. “There is fierce competition for properties of this caliber in the Newark area.”

Each of the six-story mid-rise buildings include on-site parking garages, laundry facilities, and a landscaped private courtyard. A total of 293 units consist of 69 studio, 130 one- and 95 two-bedroom apartments. The property was 96 percent occupied at the time of sale.

Located at 352-376 Mt. Prospect Avenue, the property is well situated within the city, only five minutes from Newark Penn Station and a 15-minute drive from Manhattan.  Parkwood Place also has close proximity to NJPAC and the Prudential Center.

Harvey Frefeld, Esq. of Brooklyn, N.Y., represented the seller.  Richard Kelin of Feinstein, Raiss, Kelin and Booker of West Orange, N.J., represented the buyer. 

“The recent surge in Newark’s multi-family market is a vital part of the city’s resurgence with strong occupancy levels and increasing rents in many neighborhoods,” said Ken Uranowitz, managing director of Gebroe-Hammer. “This property is unusually strong, and we have sold it twice in the last eight years due to its rapidly appreciating value.”

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Gebroe-Hammer Associates
2 West Northfield Road, Suite 301
Livingston, NJ 07039
Phone: 973-994-4500
Fax: 973-994-9752