Gebroe-Hammer has been involved in a number of multifamilytransactions inJersey City, most recently the sale of a 33-unit property at169-171 Manhattan Ave. for $1.9 million to River Edge ManagementLLC. The fully occupied property, which was previously owned byCEJA Realty Corp., will be renovated and repositioned by RiverEdge. Plans include upgrading the common area and putting newkitchens, bathrooms, hardwood floors and light fixtures in theapartments as they are vacated.

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"Multifamily housing investors recognize the inherent value ofrental properties, regardless of class categories, located withinNew Jersey's second largest city," says Gebroe-Hammer salesassociate Benjamin Greenstein, who represented the seller andprocured the buyer for the Manhattan Ave. property. "Jersey City isemerging as 'the' urban destination in which to work, shop,socialize, dine and live. This renaissance is attracting seasonedand first-time investors."

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"Long time owners are seizing upon current market conditions andstrong occupancy rates to sell their properties to a growing poolof well-financed investors," says Gebroe-Hammer managing directorKen Uranowitz in a company statement.

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Although many real estate markets have cooled in recent months,multifamily remains strongthroughout New Jersey. The economic downturn has resulted in a newwave of tenants—according to research conducted by James Hughes,dean of the Bloustein School of Planning and Public Policy atRutgers University, home ownership in the state has dipped from a2005 high of 70% to just 68%, and he expects it to go still lower.In addition, urban environments, with their easy access toshopping, transportation and entertainment are becoming moreappealing for baby boomers and their children, the millennials.

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