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Multifamily Assets Move in Jersey City

JERSEY CITY-To that end, Gebroe-Hammer recently completed the $12.5 million sale of 150 units.

By Alyson Grala | Updated on June 19, 2009

JERSEY CITY-Gebroe-Hammer Associates recently orchestrated the $12.5-million sale of 150 units at 317-343 Fairmount and 62 Kensington avenues here. The five mid-rise buildings were approximately 80% occupied at the time of sale and the buyer is planning comprehensive renovations, including a state-of-the-art security system, which will add short- and long-term value to the buildings.

According to Gebroe-Hammer managing director Ken Uranowitz, area occupancy rates are approximately 95%, with rental rates averaging approximately $825 for one-bedroom and $975 for two-bedroom units. “Our firm is extremely active in Jersey City, where investments in apartment rental buildings, especially older, small-to-mid-sized properties, continue to outpace the office and industrial submarkets, due in large part to its controllability through rent appreciation,” he tells GlobeSt.com.

For older properties in the area, new ownership typically implements value-add strategies such as renovation and refurbishment projects to reposition the property and leverage higher market rents. “Jersey City also continues to experience high levels of multifamily trading activity because you have more livable space for less money, which really does contribute to a solid occupancy rate in the city,” he adds.

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