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Six Multifamily Properties Trade for $27M

LIVINGSTON, NJ-The separate deals involving 422 units range across three North Jersey counties, led by a $14-million sale in Newark.

By Eric Peterson | Updated on September 12, 2008

LIVINGSTON, NJ-Multifamily properties continue to trade in North Jersey’s counties, as evidenced by a half-dozen sales in recent days in Essex, Union and Hudson. The common link in this particular succession of transactions is that they were orchestrated by brokers from Gebroe-Hammer Associates, based here. The aggregate value was $26.8 million, and the transactions involved 422 units in Newark, East Orange, Irvington, Rahway, Plainfield and Union City.

“Each of these counties serves as an extension of Manhattan, where New Jersey commuters set their place of residence to get more space for less rent compared to across the Hudson River,” says Ken Uranowitz, the firm’s managing director. “As a result, vacancy rates are low and investors are aggressively pursuing multifamily investments in both the cities and suburbs.”

All of the properties traded between local investor groups, and the deals were highlighted by the $14-million sale of a Newark portfolio of eight buildings and 256 units–$55,000 per unit–on Martin Luther King Blvd. Next was the $8.1-million sale of Netherwood, a 108-unit complex–$75,000 per unit–at 825 E. Front St. in Plainfield. Brokers were Gebroe-Hammer EVP David Oropeza and SVP David Jarvis in Newark, and assistant VP Steven Tenenbaum and SVP Joseph Brecher in Plainfield.

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