Cranford, N.J., March 8, 2018 – A new price-per-unit benchmark of $337,500 has been established for the Union County, N.J., apartment submarket, according to Gebroe-Hammer Associates, who raised the bar exclusively representing the seller and procuring the buyer of 10 townhome-style units in Cranford. The firm’s market specialists arranged the $3.375 million sale of The Hamlet at Cranford, a two-building complex located off the main thoroughfare of Commerce Drive at the intersection of Raritan Road.
This newly constructed complex, which features a wide range of high-end finishes and amenities, is the type of premier asset that investors clamor for within this high-barrier-to-entry Union County luxury submarket, according to Gebroe-Hammer. The property’s modern construction and architectural elements reflect the requirements of this neighborhood’s urban-sophisticate, educated-executive tenant base.
According to NeighborhoodScout.com, approximately 50% of the working population in Winfield is employed in executive, management and professional occupations. It also is among the 15% highest-income neighborhoods in America.
Located at 2-20 McKinley St. on a quiet cul-de-sac, the circa-2014 complex features 10 two-bedroom, two-and-a-half-bath units occupying two three-story buildings. Interiors feature hardwood flooring in living spaces and tile flooring in kitchens and baths; separate dining rooms; central air conditioning; granite countertops and stainless-steel appliances, including dishwashers; vaulted ceiling heights; and in-unit, full-sized washers and dryers. The exteriors have attached garages and private one-car driveways. NJ Transit bus service is available at the corner of McKinley Street and Commerce Drive. There also is paved-surface, off-street parking.
Cranford is a mid-sized township in the heart of Union County, which is part of the Northern New Jersey Metro apartment market. With a population of 24,098 people, it has five constituent neighborhoods and numerous historic sites and outdoor recreational centers. A family-friendly township, Cranford also has two flourishing districts, Downtown and the Centennial Avenue Business District, known for their respective dining establishments and retail shops.
In other recent Union County sales activity, Gebroe-Hammer’s brokerage professionals recorded two separate transactions totaling 57 units. In both sales, the firm exclusively represented the seller, on behalf of whom Executive Vice President David Jarvis spearheaded a portfolio dissolution. He also procured both buyers of the 218 Millburn Ave., Millburn, and 24 Springfield Ave., Cranford, apartment complexes.