NEWARK, N.J., August 15, 2013 – Against the backdrop of steadily rising apartment rents and diminishing availability of for-sale multi-family product in Essex County, N.J., Gebroe-Hammer Associates has orchestrated more than $93 million in transactions during the past 12 months. In the latest transaction, the brokerage team of David Jarvis, executive vice president, and Stephen Tragash, sales associate, arranged the trade of 21 multi-family units and one commercial unit in the heart of Newark.
Gebroe-Hammer represented the seller, a new client, and procured the buyer, a long-time client. The four-story building consists of eight one-bedroom, 11 two-bedroom and one each of three- and four-bedroom units. The units, roof and windows all have recently been updated. A grocery store occupies the ground-floor space, which is leased through 2017.
According to Jarvis, the property was on the market for only four months. “This is representative of a trend we are seeing in Newark and surrounding municipalities throughout Essex County,” said the inner-city market specialist. “We were able to successfully match this building with the buyer, who is a veteran property owner with other assets in the area.”
The latest sale follows a trio of recent Newark-area transactions arranged by the Livingston, N.J.-based firm involving mid-rise residential properties totaling 124 units. “The economics of this region – and its urban centers in particular – continue to evolve as this employment hub gains momentum. Newark has become a magnet for tenants seeking all the benefits associated with an urban lifestyle, without the high price tag of New York City,” said Jarvis.
“Meanwhile, savvy investors are seizing upon this lifestyle trend to renovate their buildings in order to attract an even wider renter pool. The result is strong and stable occupancy rates and a growing number of potential investors in these properties,” he added.