IRVINGTON, NJ−Reflecting a continued trend of strong investor interest in urban and semi-urban multifamily properties, Gebroe-Hammer Associates has completed three recent transactions in Essex and Union Counties for long-time clients.

G-H represented the sellers and found the buyers for three buildings with a total of 86 units that sold for a total of $5.76 million.

In Union County's Elizabeth, Stephen Tragash and Steven Follman arranged the sale of 1009-1015 East Jersey St., a 34-unit garden-style property close to the New Jersey Turnpike, for $2.2 million.

Also in Elizabeth, at 409-421 Jefferson Ave., David Oropeza, and Tragash orchestrated the sale of a 34-unit complex, built in 1971. The seller was a multi-billion dollar private equity fund G-H has recently represented in several other multi-family transactions.

“These two Elizabeth properties offer substantial value-add potential that the buyers recognized immediately,” said Tragash, the firm's Elizabeth market specialist. “In general, multi-family properties rank as the highest rung on the investment ladder in this city.”

In Essex County's Irvington, Joseph Brecher and David Jarvis of G-H, achieved the sale of Gold Haven Commons, an 18-unit “fractured” condominium apartment property that sold for $1.65 million. The property is situated at 512-516 Union Ave., just north of the intersection of the Garden State Parkway and I-78. It has nine one-bedroom and nine three-bedroom units, along with nine parking garages.

“Demographic trends have shifted to New Jersey's urban and semi-urban locations,” said Brecher. “Tenants want to live near where they work, and/or have close access

to transportation that will allow them to take advantage of sporting, entertainment and dining venues from Newark to New York City and everywhere in between. Investors have been flocking to these markets for some time now due to fortified occupancy rates.”

Instant Insights /

G-H: Urban Apts. Attract Investors

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