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

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Release Date: June 16, 2010

Media Contact: Carin McDonald (201) 796-7788

GEBROE-HAMMER ASSOCIATES CLOSES 140 UNITS IN FOUR DEALS FOR $6.75 MILLION IN NEW JERSEY'S ORANGES
Area is One of New Jersey's Most Active Urban Markets for Multi-Family Investments

EAST ORANGE, N.J., June 16, 2010 – Although New Jersey's larger cities have dominated the multi-family investment arena during the past 12 months, urban markets like the Oranges are gaining new ground in terms of for-sale properties and deal velocity, according to Gebroe-Hammer Associates' Ken Uranowitz, managing director. The Livingston, N.J.-based commercial brokerage firm recently closed four separate transactions throughout the area that involved 140 units being traded for a total of more than $6.75 million. Gebroe-Hammer served as the exclusive sales broker representing the sellers and buyers for each property.

"Multi-family properties throughout the Oranges have been, and remain, quite consistent in terms of occupancy and average rental rates," said David Oropeza, executive vice president, who spearheaded the Gebroe-Hammer brokerage teams for each deal. "Orange and East Orange boast a solid working-class tenant base, a very high population density and an easily accessible transportation network – all of which have strong appeal among renters and investors."

The largest transaction involved the $3.25 million sale of 47 units at 466 Highland Ave., in Essex County's City of Orange Township. Gebroe-Hammer executive vice president David Jarvis, along with Oropeza, represented both the seller, 466 Realty Management LLC, and the buyer, a long-time client of the firm.

Built in 1933, the five-story brick Tudor-style building's mix of studio, one-bedroom, two-bedroom and three-bedroom units have been continually upgraded throughout the years. The well-maintained property also features 31 private parking garages on-site. Located near the intersection of Highland Avenue and Highland Terrace, Orange High School and the Highland Avenue/Scotland Road bus line are within walking distance.

Just a few miles away in the City of East Orange, Gebroe-Hammer also recently closed three additional transactions. Highlights include the $1.4 million sale of 30 units at 69 N. Arlington Ave., a four-story all-brick façade building with an elevator; the $1.2 million trade of 68-78 Elmwood Ave., a three-story garden apartment complex featuring 14 one-bedroom and 26 two-bedroom units; and the $900,000 sale of 23 units at 38 Winans St., a four-story mid-rise building near City Hall. Oropeza, partnered with Steven Tenenbaum, assistant vice president, on the North Arlington Avenue transaction.

"The Oranges have become a multi-family investment darling because of its geographic location at the intersection of the Garden State Parkway and I-280 and designation as an Urban Enterprise Zone, which attracts and supports the area's working-class population," said Oropeza. "As a result, investment activity in Orange and East Orange, in particular, is very active."

Gebroe-Hammer, the region's dominant commercial real estate investment brokerage firm, specializes in the sale of multi-family, retail and commercial properties throughout New Jersey, New York and Pennsylvania, including Philadelphia. Long-time clients include private owners, REITs, private equity firms and other institutional investors.

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