Sales Associates Stephen Tragash and Dustin Steiner of Gebroe-Hammer Associates completed a $22 million two-property transaction including the $13 million sale of Van Ness Apartments in Maplewood (pictured) and the $9 million sale of Templeton Arms in Elizabeth. The 88-unit Van Ness Apartments sold for a Maplewood record per-unit price of just under $150,000.

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

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Release Date: Thursday, October 11, 2007

GEBROE-HAMMER COMPLETES SALE OF TWO NEW JERSEY APARTMENT COMPLEXES FOR MORE THAN $22 MILLION
Stephen Tragash and Dustin Steiner Complete Sale Comprising 192 Units in Maplewood and Elizabeth

LIVINGSTON, N.J., October 11, 2007 –  Two New Jersey apartment complexes changed hands in a portfolio sale involving two municipalities. Templeton Arms in Elizabeth and Van Ness Apartments in Maplewood sold for a combined $22.25 million in a deal brokered by Gebroe-Hammer Associates of Livingston, N.J. Both properties were built, developed, owned and managed by the same family for two generations.

Gebroe-Hammer sales associates involved in the transaction included Stephen Tragash who represented the seller, a Morristown attorney, and Elizabeth-area specialist Dustin Steiner who procured the buyer, a local investment group. Gebroe-Hammer Associates is a dominant leader in the multi-family brokerage industry with more than 32 years of experience in New Jersey, New York and Pennsylvania.

“This deal involved a number of complexities due to the properties’ separate locations as well as the changing financial market during the past few months,” Tragash noted. “At the same time, the resulting sales included some record-breaking numbers.”

Sale of Van Ness Apartments in Maplewood Sets a Record of $150,000 per Unit

Van Ness Apartments, located on Van Ness Court in Maplewood sold for $13 million. The four-building, 88-unit apartment complex consists of 40 one-bedroom lofts, 48 two-bedroom duplexes and an on-site residential home for the superintendent. “The sale price per unit was just under $150,000,” said Tragash. “This is a record amount per-unit for the Maplewood market.” The property, which was 96 percent occupied at the time of sale, is situated in a prime location near a train station, bus service and the intersection of the Garden State Parkway and I-78 with proximity to Maplewood’s community center. 

Maplewood is a diverse and developing upper middle-class community. It was rated one

of the top ten affordable suburbs by New York Magazine in 2002. Today, average rents in the area range from $1,200 for a one-bedroom apartment and $1,500 for a two-bedroom. The complex is located within the South Orange-Maplewood school district, which includes the Blue Ribbon Award-winning Columbia High School. 

Templeton Arms in Elizabeth Trades for $9.25 Million

Templeton Arms is located at 631-649 North Broad Street in Elizabeth, within a few blocks of Morris Avenue and US Routes 1 & 9 in close proximity to the historic Broad Street Elizabeth Station with NJ-transit service to New York City. “This is one of the city’s nicest neighborhoods,” said Steiner. “It features some of Elizabeth’s best maintained apartment buildings and homes and is only a short drive from Jersey Gardens, the largest outlet mall in the state.”

The garden apartment complex sold for $9.25 million, just under $90,000 per unit. It consists of 104 one- and two-bedroom units. Occupancy was 95 percent at the time of sale.

“This transaction affirms the continued heated demand for multi-family properties and demonstrates that investors are seeking stability and asset appreciation versus other more challenging and volatile alternative investments,” said Ken Uranowitz, managing director of Gebroe-Hammer. “The buyer was eager to capitalize on both properties’ strong potential.”

Richard S. Kelin, Esq. of Feinstein, Raiss, Kelin and Booker of West Orange represented the buyer in this transaction.

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An industry leader for more than three decades, Gebroe-Hammer is among the tri-state region's most influential brokerage firms, specializing in the sale of multi-family, retail and commercial investment properties. The company provides innovative brokerage services to a wide range of private owners, REITS, private equity firms and other institutional investors. Gebroe-Hammer’s proven track record on behalf of its clients has resulted in consistent growth every year since its inception, with a large percentage of repeat business from owners and investors. The firm’s brokerage activity encompasses diverse property categories, ranging from suburban high-rise, mid-rise and garden-apartments to retail and office properties including real estate in urban areas undergoing revitalization and redevelopment initiatives. The company’s prime geographic area of focus includes New Jersey, Pennsylvania and New York, with additional transactions nationwide as well as representation of owners located around the globe.

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