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UNION CITY, NJ-The Hanrock Group LLC, based here, has sold its portfolio of 25 multifamily properties, totaling 550 apartment units in this city and in the adjacent city of West New York, to an unnamed investor. The price tag for the portfolio was announced as $24 million. Gebroe-Hammer Associates, the Livingston, NJ-based real estate investment sales brokerage firm, arranged the transaction on behalf of the seller.

According to G-H principal and co-founder Morris Hammer, the latest transaction is the largest single sale that his firm has done in the heavily developed Hudson County market. Both of the communities front on the Hudson River in a region commonly referred to as New Jersey’s “Gold Coast.” The area is fully developed and is a center for a variety of manufacturing and commercial businesses.

G-H’s Scott Callahan and managing director Robert Ploshnick were behind the transaction. A specialist in Hudson County properties, Callahan packaged the properties on behalf of the seller. Both Callahan and Ploshnick were instrumental in structuring the financing for the multi-faceted deal.

The 25 mid-rise buildings also contain some ground-level retail space, according to Callahan. The all-brick structures, located in close proximity to each other and built early in the 20th century, are currently 100% occupied. According to Callahan, the new owners are planning to carry out a number of upgrades and renovations on the properties, including new roofs and work on common areas, to take advantage of the currently tight rental housing market in the region.

On the legal side, the Hanrock Group was represented by Andrew Levine and Stephen D. Brodi of the firm of Esanu, Korins & Siger of New York City. The attorney for the unnamed buyer was Anthony Romano of Schumann, Hanion, Doherty, McCrossin & Paolino of Jersey City.

Broker Gebroe-Hammer, founded in 1975, works with private investors, REITs and financial institutions involved in income-producing multifamily properties, office buildings and shopping centers.

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