LIVINGSTON,N.J., September 3, 2013 – As one of the nation’s most densely populated counties where apartment-rental living is the favored residential living option,Union County,N.J.’s multi-family investments are continuing to pick up speed, according to the brokerage professionals at Gebroe-Hammer Associates. Most recently, the firm orchestrated three transactions involving 64 units that sold for a combined $4.375 million.
Each of the separate trades was orchestrated by Gehane Triarsi, sales representative, who exclusively represented the sellers. Since joining Gebroe-Hammer in 2011, the area market specialist has expanded the firm’s Union County presence and transaction pace.
“Overall, the Union County multi-family market is very healthy and robust,” she said. “Centrally located, this county has a large commuter population attracted to the convenient local mass transit links and other lifestyle amenities. Properties that do become available consistently attract very strong demand from investors.”
In Plainfield,N.J., Triarsi arranged the sale of a 33-unit complex at 821 Central Ave., for $2.55 million, or $77,272 per unit. The property was sold by the estate of the late owner, who had owned the well-maintained building for 11 years. Located in the city’s historic section, the property is a mix of one- and two-bedroom units.
“This is a unique building that looks like an old-world hotel,” said Triarsi. “The units’ kitchens have been recently updated, and the buyer will be making additional improvements to bring the property up to competitive market rates.”
Also in Plainfield, the brokerage team of Triarsi and Executive Vice President David Jarvis orchestrated the $625,000 sale of 1348 West Front St. The three-story building, which was constructed in 1930, is comprised of 13 units, which were fully occupied at the time of sale.
In Union County’s southeastern city of Linden, an 18-unit studio apartment complex at 612 Ziegler Ave., also recently sold for $1.2 million. The property traded at a 6.8 percent capitalization rate. The sale was part of the seller’s portfolio disposition, according to Triarsi. Strategically situated near U.S. Route 1/9 and Route 27, the complex is accessible to numerous parks and recreational facilities; major interstate highways, including the Garden State Parkway and NJ Turnpike; and Linden and Newark airports.