The buyer was a North Jersey investor group identified as Lakeview Gardens LLC, which closed the deal as part of a 1031 exchange. The sale was orchestrated by Joseph Brecher, SVP of the Livingston, NJ-based Gebroe-Hammer Associates.
Located on four acres at 159 Main St. in this Somerset County community, the property had been on the market for just 30 days, Brecher reports. Post-sale, the new owner plans some exterior cosmetic upgrades, and interior upgrades as units turn over.
"This community is undergoing a major redevelopment effort, and it has attracted an influx of New York City commuters looking for rental apartments," Brecher says. "As a result of that, occupancy levels are high, and in the market in general, investment activity is surging."
"Somerset County has emerged as a strong multifamily housing submarket," says Gebroe-Hammer managing director Ken Uranowitz. "Demand is at an all-time high, and the supply of existing for-sale investment product is virtually obsolete."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
