ELIZABETH, NJ-Monroe Gardens, a 140-unit apartment complex at 1030 Monroe Ave. here, has been sold. The deal was arranged by Joel Schwartz and David Oropeza, executive vice presidents, and area sales rep Dustin Steiner of Gebroe-Hammer Associates, Livingston, NJ.
Details of the deal, including the sale price, have not been released. The seller of the property, which is 99% leased, was a local family group that has owned it since the 1970s and recently made some capital improvements. The buyer was an investor group represented by Lawrence Raiss of the West Orange, NJ law firm of Feinstein, Raiss, Kelin & Booker. Financing for the deal involved a new first mortgage obtained from a local bank, according to Schwartz.
The transaction is the latest of five sales totaling more than 550 apartment units that have been arranged here by the G-H trio in recent months. The total value of the five transactions is, "more than $38 million," says Kenneth Uranowitz, G-H's managing director, or approximately $70,000 per unit. The largest of the recent deals, according to Uranowitz, was a package deal involving 236 units including a mid-rise building on this city's North Broad Street.
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