vacancies are low and
rent growth is rising,
EAST RUTHERFORD, NJ – Gebroe-Hammer Associates has closed two more multi-family deals in the real estate stronghold of Bergen County: Buildings in East Rutherford and Dumont possessing a total of 108 units were sold for a total of $15.1 million, GlobeSt.com has learned.
The larger transaction was a $12.35 million trade of 84 units at the Station Square Apartments in East Rutherford. Debbie Pomerantz exclusively represented the seller – who was the original builder – in that sale. She, along with Nicholas Nicolaou, also represented the buyer.
“In Bergen County, vacancies are low and rent growth is rising,” says Pomerantz. “Regardless of economic conditions, multi-family property in this bustling region has always been in extreme demand. The bidding activity, on this particular property, was extraordinarily competitive.”
East Rutherford’s proximity to New York City and access to numerous public transportation options have made it especially popular with commuters, Pomerantz adds. Routes 17, 120 and 3, as well as the western spur of the New Jersey Turnpike, all run through the borough, which is home to the Meadowlands Sports Complex, including MetLife Stadium and The Izod Center.
Station Square Apartments, a five-building garden apartment complex at 351 Van Winkle St., is situated directly across from the East Rutherford train station, offering direct service to New York City, and within walking distance to schools, parks and the town’s main shopping district. Built in 1960, it offers a mix of one-bedroom units and one- and two-bedroom duplexes.
“Station Square Apartments is set on a picturesque street and offers a prime location, all of which renders it a high-caliber asset,” Pomerantz says.
In Dumont, G-H’s Greg Pine arranged the $2.75 million sale of 24 one-bedroom units at 34-38 Grant Ave. Pine exclusively represented the out-of-state seller and procured the buyer, a long-time G-H client. The complex has two garden apartment-style brick buildings, set in a neighborhood close to shopping, schools and transportation.
“This property offers tremendous upside in value in a location where very few garden complexes ever trade,” says Pine. “The buyer demonstrated tremendous flexibility, recognized the long-term potential and was able to acquire the building in a very short period of time. The new ownership plans to undertake some substantial renovations to allow for future rent growth.”
Dumont has easy access to Routes 17 and 4 and the Garden State Parkway. It also offers the attraction of being close to the nationally known shopping centers located in Paramus.