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Gebroe-Hammer Closes Seven Multifamily Deals in Northeast

LIVINGSTON, NJ-A Newark apartment complex was among seven multifamily properties that Gebroe-Hammer Associates helped sell in New Jersey and Philadelphia.

By Maria Wood | Updated on June 11, 2009

LIVINGSTON, NJ-For a total of nearly $9.4 million, Gebroe-Hammer Associates arranged the sale of seven multifamily properties with a total of 160 units in Northern New Jersey and Philadelphia. The transactions prove the attractiveness of smaller and mid-sized properties in urban locations even in today’s recessionary climate, says Ken Uranowitz, managing director of locally based Gebroe-Hammer.

“Urban hubs and smaller-to-mid-sized existing properties are attracting the interest of multifamily housing investors,” he says. “In the current economic environment, these types of multifamily acquisitions are considered low-risk by lenders due to consistent, steady cash flow associated with a rental building. Buyers recognize the ability to enhance the property’s overall performance over time.”

The largest trade was the nearly $3-million sale of Oliver Plaza Apartments, a 58-unit mid-rise complex in Newark’s Weequahic neighborhood. Gebroe-Hammer EVP David Jarvis represented the seller, Elizabeth Avenue Associates Corp., and procured the buyer, 469 Associates, LLC.

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