LIVINGSTON, NJ-It was an especially crisp fall for multifamily building sales in northern New Jersey, Gebroe-Hammer Associates tells GlobeSt.com: The company closed a record 27 sales totaling $135.95 million in October and November.
The transactions by the Livingston-based firm included 1,515 residential units.
“The volume is indicative of how attractive multi-family investment properties are, with demand currently at a peak,” says Ken Uranowitz, president.
Gebroe-Hammer represented sellers and procured buyers, often bringing both sides of the table together, according to Uranowitz. “We have many repeat clients, which reflects the long-term relationships we share,” he said.
Some of the larger sales during the two-month period include these in:
- East Orange/Orange, a $24 million, 399-units, six-building portfolio, handled by David Oropeza
- Mercer County, a $10 million,175-unit property, sold by Joseph Brecher
- Union City, 57 units in multiple buildings sold for $5.7 million by Niko Nicolaou
- Caldwell, a $4.3 million, 27-unit property, sold by Ken Uranowitz and David Jarvis
- Montclair, a $3.7 million, 22-unit asset, also handled by Uranowitz and Jarvis.
Gebroe-Hammer brokers investment sales in suburban and urban high-rise, mid-rise and garden-apartment properties throughout New Jersey, New York and Pennsylvania, including Philadelphia. The firm also markets mixed-use and free-standing office and retail properties on behalf of long-term clients, including private owners, REITS, private equity firms and other institutional investors.