Northern NJ Multifamily Portfolio Trades for More Than $300M
“Once in a generation, if ever, does a portfolio of this magnitude come to market in such desirable locations offering value-add appreciation opportunities through unit renovations and capital-improvement implementations on a grand scale,” Uranowitz says.
LIVINGSTON, NJ—A 1.12-million-squafre-foot 134 building portfolio encompassing more than 1,800 units in Northeast Essex and Bergen counties have been sold for a purchase price that exceeds $300 million.
The mega multifamily deal was announced by Gebroe-Hammer Associates of Livingston, NJ, which brokered the transaction. The firm reports that the portfolio is predominantly comprised of distinct and spacious one- and two-bedroom layouts, some of which include duplex-style options.
Gebroe-Hammer president Ken Uranowitz and Joseph Brecher, executive managing director, engineered the sale along with team members EVP Greg Pine, Senior VP Debbie Pomerantz and sales representative Tim Blashford. The firm exclusively represented the unnamed seller, a long-time Gebroe-Hammer client, and identified the buyer.
The brokerage firm in its announcement did not identify either party in the transaction.
“This sale marked an unprecedented concentration of well-maintained apartment homes to come online in the state’s highest-barrier-to-entry multi-family investment markets,” Uranowitz says. “Once in a generation, if ever, does a portfolio of this magnitude come to market in such desirable locations offering value-add appreciation opportunities through unit renovations and capital-improvement implementations on a grand scale.”
Collectively, the portfolio properties feature market-unique floorplans, ranging from studios to two-bedroom duplexes. Each apartment-home includes newly finished hardwood floors, decorative window coverings, full-sized kitchens with modern appliances, abundant closet space and baths with ceramic-tile flooring and ceramic tubs and sinks.
The garden-style complexes also feature park-like grounds and are all located close to schools, shopping, dining, transit and adjacent parks with trails, tennis, ballfields and other recreational amenities. The Garden State Parkway and I-95/New Jersey Turnpike access points are nearby the properties as well.
“While the highest concentration of the North Jersey Metro Portfolio’s historically stabilized and well-occupied multi-family properties span two of Northeast Essex’s most-popular out-commuter neighborhoods, approximately 40% of the units are centrally located in the affluent Bergen County submarket, just a few miles from the metro’s epicenter of employment – Midtown Manhattan,” says Brecher. “Each also offers walkable proximity to transit as well as a short distance to upscale retail, dining and cultural attractions extending from Upper Montclair to Hackensack and Englewood Cliffs.”