HIGHLAND PARK, NJ-Gebroe-Hammer Associates of Livingston, NJ hasbrokered the $4.93-million trade of 46 one- and two-bedroomapartment units at 481 S. 2nd Ave. here. Joseph Brecher, executivevice president, represented the seller, Lighthouse Highland ParkLLC, and the buyer, a longtime Gebroe-Hammer client.

More than half of the units in the two-story complex haveremodeled kitchens and baths. “The new owner plans to complete thekitchen and bath remodeling to bring the complex up to morecompetitive market rents,” says Brecher, who specializes in theMiddlesex County market and notes that area rents range from $960for a one-bedroom unit to $1,300 for a two-bedroom unit. Theproperty was 95% percent occupied at the time of sale.

Located on the shores of the Raritan River, Highland Park isbordered by Edison, New Brunswick and Piscataway in the westernpart of Middlesex County. As the population density in CentralNew Jersey continues to grow, investment demand for well-located,well-maintained apartment buildings is high despite the shortsupply of buildings coming to market,” Brecher tells GlobeSt.com.“With financing for multifamily investments readily available athistorically low interest rates, many longtime property owners whoare planning a future exit strategy are realizing that the time tosell is now, especially with looming changes in the capital gainstax at the end of the year.”

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