HIGHLAND PARK, NJ-Gebroe-Hammer Associates of Livingston, NJ has brokered the $4.93-million trade of 46 one- and two-bedroom apartment units at 481 S. 2nd Ave. here. Joseph Brecher, executive vice president, represented the seller, Lighthouse Highland Park LLC, and the buyer, a longtime Gebroe-Hammer client.

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

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