PASSAIC, N.J., May 7, 2013 – The Passaic County, N.J., multi-family market is emerging as a nucleus of investment interest as indicated by the $1.625 million sale of a 12-unit apartment complex orchestrated by Gebroe-Hammer Associates in the City of Passaic. Debbie Pomerantz, assistant vice president, represented the seller, Passaic Park Properties, and identified the buyer in the transaction.
The well-maintained 458 Lafayette Ave. complex consists of 12 two-bedroom units with balconies. Located near St. Mary’s Hospital, features include a brick-with-siding façade, on-site parking, new water heaters, a new roof and newly painted units.
“This market has seen a significant volume of transactions over the past year, and that trend is continuing,” said Pomerantz, the firm’s area market specialist. “It is a market that is very much a commuter hub, and a significant number of its residents are renters. Strong occupancy rates combined with favorable interest rates for financing, continues to drive investor interest county-wide, placing upward pressure on pricing.”
Gebroe-Hammer has arranged the recent sale of more than 110 units in Passaic County, including three properties with 49 units in Paterson, the county seat. In the past 18 months, Pomerantz has closed sales totaling 627 units with an aggregate value just under $50 million. Among these transactions were the $4 million trade of Seville Apartments in Passaic and the note sale of a 46-unit, nine-building portfolio in Paterson.