LIVINGSTON, N.J., Oct. 9, 2014 – As the fourth quarter kicks off, multi-family investments are gaining even greater traction, as indicated by five recent trades arranged by Livingston-based Gebroe-Hammer Associates. The firm’s market specialists exclusively represented the sellers and identified the buyers in each of the transactions, involving a total of 124 units. The properties are located in Hasbrouck Heights, Elizabeth, Kearny, Irvington and Newark.
In the high-barrier-to-entry market of Bergen County, Greg Pine, senior vice president, closed the $2.33 million sale of Virginia Gardens, located at 294-308 Terrace Ave. in Hasbrouck Heights. The single-building, 16-unit garden-apartment complex is comprised of 12 one-bedroom and four two-bedroom layouts. Fully occupied at the time of sale, Virginia Gardens is eight miles from the George Washington Bridge and minutes from Routes 80 and 17, as well as the Garden State Parkway and New Jersey Turnpike.
“In an area where the average annual household income exceeds the state average by $10,000, the buyer recognized the value-add potential for this property and the opportunity to render it even more competitive in a market characterized by strong occupancies and rents,” said Pine. According to Gebroe-Hammer’s brokerage professionals, average rents for the area range from approximately $1,100 for a one-bedroom and $1,400 for a two-bedroom.
To the south of New Jersey’s northeastern-most county, Union, Hudson and Essex counties’ high concentration of apartment buildings has rendered it an axis of voluminous investment activity. Vice President Stephen Tragash arranged the $1.1 million sale of 55-59 Cherry St. in the City of Elizabeth. In 2004, Gebroe-Hammer sold the 23-unit, all-studio apartment complex to the seller. Just off Elizabeth Avenue on a quiet residential street near the center of town, the building also is close to the Garden State Parkway and New Jersey Turnpike. In nearby Kearny, Gebroe-Hammer’s brokerage professionals orchestrated the $1.025 million trade of 12 units as well.
Within Essex County’s urban centers of Irvington and Newark, Managing Director David Oropeza recently closed two sales. In Irvington, he represented the seller and buyer in the $1.025 million trade of a 27 apartment-unit/five commercial-unit building at 30-32 Rutgers St. He, along with Debbie Pomerantz, vice president, also finalized the sale of 232-244 Shephard Ave. in Newark. The property is situated at the intersection of Schyler and Shephard avenues, near Newark Beth Israel Medical Center and I-78.