Gebroe-Hammer president Ken Uranowitz Gebroe-Hammer president Ken Uranowitz

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LIVINGSTON, NJ—Locally-based national investment brokerage firmGebroe-Hammer Associates reports it brokered a total of 127apartment-property sales transactions totaling $1.9 billion and12,155 units recorded in 2019, which was a 72% increase over 2018′stotals.

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In New Jersey, the arranged sales involved 3,683 units with asales value in excess of $606.8 million in 2019. In the GreaterPhiladelphia metro region, Gebroe-Hammer Associates orchestratedmore than $455 million in sales totaling more than 4,265 units lastyear.

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"2019 proved to be a record-shattering year in our firm's44-year history as well as for the most in-favor commercial realestate asset—apartment-rental properties—across every investorcategory—from high-net-worth individuals and family offices toprivate equity firms and institutional entities," saysGebroe-Hammer president Ken Uranowitz. He adds that as new-productdeliveries top off this coming year and apartment-fundamentalpressure eases, he expects multi-family investments will continueto achieve successive gains, quarter to quarter andyear-over-year.

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Uranowitz notes that asking-rent and property-value accelerationwill reach the mid-to-high range, depending on local submarket andoverall metro variables. One of those influencing factors will bethe widespread focus on revitalization and adaptive reuse effortsfrom the cities to the suburbs.

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Gebroe-Hammer recorded the largest portfolio sale in the state involvingmore than 1,800 units. In total, the $300-million transactionencompassed six properties in west Essex and Bergen counties.

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Other Northern and Central Jersey centers of sales activityincluded: Bergen County (1,131 units/$179 million); MiddlesexCounty (644 units/$152 million); Somerset County (517 units/$112million); Central Union County (191 units/$46.3 million; MorrisCounty (166 units/$50.75 million); Sussex County (302 units/$34.45million) and Monmouth County (78 units plus land/$17.93million).

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In terms of sales activity in the Philadelphia region, thebrokerage firm states that the centers of transaction activityincluded Philadelphia proper as well as Pennsylvania's Montgomery,Monroe, Chester and Bucks counties and Southern New Jersey'sAtlantic, Burlington, Camden and Gloucester counties.

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"Demand continues to ramp up throughout the Greater Philadelphiaregion—a metro on a meteoric rise in terms of the entry of newinvestors and capital," says Gebroe-Hammer executive managingdirector Joseph Brecher. "Value-add enhancements and redevelopmentinitiatives are transforming the metro's apartment stock to createa lifestyle experience linking to nearby Center City, Philadelphiaas the vibrant focal point."

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John Jordan

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