Livingston, N.J., April 8, 2019 – Gebroe-Hammer Associates’ Adam Zweibel, senior vice president, has been logging a lot of highway miles in the Garden State to close a total of 10 separate multi-family investment transactions in Q1’19 encompassing 812 units sold for a combined $112.5M. Each of the garden-style properties were located in the Southwest Jersey Region as well as the Central and Northern metros. Zweibel exclusively represented the seller in each of the trades where Gebroe-Hammer also procured the buyers.
“Multi-family product within out-commuter suburban communities are in greatest demand among investors and tenants, both of whom are seeking investment properties and rentals, respectively, that extend beyond the city limits of New York and Philadelphia,” said Zweibel, who is the firm’s Central Jersey market specialist. He also represents client interests throughout the entire state and beyond.
“Every single one of these properties is on a high-ridership commuter or light-rail line and/or along one or more bus routes that directly connect to the region’s far-reaching local, regional and interstate highway system,” he added. “This makes it possible to enjoy all the employment and lifestyle options associated with major urban hubs at a much more affordable cost of living on the periphery.”
The greatest concentration of units totaling 355 one- and two-bedroom layouts spanned Burlington, Camden and Gloucester counties, which have numerous pockets of well-established and emerging commuter-hub municipalities. Known for its historic sites, Southwest New Jersey also has abundant neighborhood lifestyle amenities, quaint downtown shopping districts and major retail malls. Top employers include Campbell’s Soup World Headquarters, Lockheed Martin, Rowan University, Cooper University Health Care and Virtua Health System.
In Central Jersey’s Long Branch and Highland Park, Zweibel arranged three property sales of 126 total units valued in excess of $16.7M. Further north, three properties featuring 225 units spanned Bellville (Essex County), Garfield (Bergen County) and Newton (Sussex).
In combination, the Highland Park, Belleville and Garfield properties were part of a three-county portfolio. “This portfolio encompassed a total of 109 apartment homes featuring a mix of one- and two-bedroom layouts, the latter of which accounts for the highest concentration of units in the property package and is the most in-demand layout for each metro,” noted Zweibel. “Collectively and individually, each of the portfolio properties poses significant long-term rent appreciation potential associated with repositioning.”
Zweibel, who was hired as a Gebroe-Hammer sales associate in 2013, is among the region’s leading Central and South Jersey market specialists. In just five years since he launched his multi-family investment brokerage career, he has risen through the ranks to assistant vice president, vice president and senior vice president at the firm. During his tenure, he has closed more than 65 deals amounting to over 6,900 units and $882.5M in sales.
Since 1975, Gebroe-Hammer’s brokerage activities have concentrated on all multi-family types including Class A, B and C high-rise and garden-apartment properties. While initially focusing on New Jersey, the firm has evolved during the past 44 years to also dominate the northeastern Pennsylvania and New York State submarkets as well as represent client interests nationally. Widely recognized for its consistent sales performance, the firm is a 15-time CoStar Power Broker and was the only Northeast firm named a Multi-Family Influencer for 2018.