Gebroe-Hammer has been involved in a number of multifamily transactions in Jersey City, most recently the sale of a 33-unit property at 169-171 Manhattan Ave. for $1.9 million to River Edge Management LLC. The fully occupied property, which was previously owned by CEJA Realty Corp., will be renovated and repositioned by River Edge. Plans include upgrading the common area and putting new kitchens, bathrooms, hardwood floors and light fixtures in the apartments as they are vacated.
"Multifamily housing investors recognize the inherent value of rental properties, regardless of class categories, located within New Jersey's second largest city," says Gebroe-Hammer sales associate Benjamin Greenstein, who represented the seller and procured the buyer for the Manhattan Ave. property. "Jersey City is emerging as 'the' urban destination in which to work, shop, socialize, dine and live. This renaissance is attracting seasoned and first-time investors."
"Long time owners are seizing upon current market conditions and strong occupancy rates to sell their properties to a growing pool of well-financed investors," says Gebroe-Hammer managing director Ken Uranowitz in a company statement.
Although many real estate markets have cooled in recent months, multifamily remains strong throughout New Jersey. The economic downturn has resulted in a new wave of tenants—according to research conducted by James Hughes, dean of the Bloustein School of Planning and Public Policy at Rutgers University, home ownership in the state has dipped from a 2005 high of 70% to just 68%, and he expects it to go still lower. In addition, urban environments, with their easy access to shopping, transportation and entertainment are becoming more appealing for baby boomers and their children, the millennials.
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