LIVINGSTON, NJ—Gebroe-Hammer Associates reportsit has arranged three separate multifamily transactions involvingproperties in Newark, Irvington and Carteret.

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In Newark, Gebroe-Hammer Executive Vice President DavidJarvis represented the seller and identified the buyer inthe $1.215-million sale of 18 units at 158-160 SecondAve. The four-story brick façade apartment building iscomprised of six one-bedroom and 12 two-bedroom units.

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In Irvington, Managing Director David Oropezaarranged the sale of six multifamily units featuring two- andthree-bedroom layouts at 444 Nye Ave., locatednear downtown, public transportation and the area's major highways,including the Garden State Parkway and I-78.

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In the third multifamily deal, the firm's Managing DirectorJoseph Brecher represented the seller andidentified the buyer in the sale of 7-11 Byron St.in Carteret. The 18-unit brick, garden-style complex sold for $1.74million, which calculates out to just under $100,000 per unit. TheU-shaped, two-and-a-half story building consists of twoone-and-a-half room units, four two-and-a-half room units and 12three-room units. All common areas and apartments were recentlyrenovated.

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“This region's industrial market, especially the port sector,has generated considerable employment momentum, and that in turn isincreasing investor interest in multi-family properties and atenant pool/consumer base comprised of hard-working individuals andheads of household,” says Ken Uranowitz, presidentof Gebroe-Hammer. “Each of these properties is just a few milesfrom the port facilities of Newark and Elizabeth, where workerdemand is considerable.”

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The firm also reported the brokerage team of Jarvis and VicePresident Stephen Tragash brokered the trade ofthree retail units at 1026-1030-1036Stuyvesant Ave., in Union. Situated between Morris Avenueand Vauxhall Road, the three storefronts house a tax preparationcompany, pizzeria and physical therapy practice.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.