Gebroe-Hammer Associates Arranges $327.9 Million Gateway Portfolio Multi-Family Sale

June 5, 2018

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Carin McDonald


Gebroe-Hammer Associates

2 West Northfield Road
Livingston, NJ 07039

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118-Building, 2,137-Unit Portfolio Encompasses Six Separate Packages

Gebroe-Hammer Associates Arranges $327.9 Million Gateway Portfolio Multi-Family Sale

Hudson County, N.J., June 5, 2018Gebroe-Hammer Associates’  has finalized the disposition of a 118-building, 2,137-unit Hudson County multi-family portfolio on behalf of a single seller, a private unnamed investor. In total, the Gateway Portfolio was broken out into six separate packages sold for a combined total of $327,846,200. The properties are located throughout Jersey City, West New York, North Bergen, Guttenberg and Union City.

The largest of the six packages involved a total of 67 buildings sold for $190.65 million in West New York (47 buildings/993 units), Jersey City (12 buildings/175 units), North Bergen (6 buildings/76 units) and Guttenberg (2 buildings/28 units). While this trade registered a $150,000 per-unit price, the second largest package averaged a $165,000 per-unit price, selling for $97.021 million. In total, the latter involved 35 buildings and 588 units throughout Jersey City’s Journal Square and Jersey City Heights neighborhoods.

According to REIS, the Hudson County apartment submarket has 54,820 units, amounting to 23.5% of the total metro inventory, and is the largest of the seven competitive Northern New Jersey submarkets. In the 10-year period beginning with Q2 2008, new additions to the submarket have totaled 16,568 units, amounting to an annualized inventory growth rate of 3.7%. Over the same period, the Northern New Jersey metro growth rate has been 1.4%.

Rounding out the portfolio sale was another Jersey City/Journal Square deal garnering $190,000 per unit; two separate Union City transactions totaling 10 buildings/164 units averaging $140,000 per unit; and a West New York five-building, 105-unit package sold for $15.15 million.

Since 1975, Gebroe-Hammer’s brokerage activities have concentrated on suburban and urban high-rise and garden-apartment properties. The firm’s client base includes private owners, REITs, private equity firms and other institutional investors. While initially focusing on New Jersey, the firm has evolved during the past 43 years to also dominate the northeastern Pennsylvania and New York State submarkets as well as represent client interests nationally. In addition, Gebroe-Hammer markets mixed-use and free-standing office and retail properties. Widely recognized for its consistent sales performance, the firm is a 14-time CoStar Power Broker.