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Montclair Apartments Sell for $3M

MONTCLAIR, NJ-Gebroe-Hammer Associates has orchestrated the $3-million sale of 28 Gates Ave., a 29-unit apartment building that had been owned by the same family since 1944.

By Maria Wood | Updated on July 28, 2009

MONTCLAIR, NJ-Gebroe-Hammer Associates has orchestrated the $3-million sale of 28 Gates Ave., a 29-unit apartment building that had been owned by the same family since 1944. The firm’s managing director, Ken Uranowitz, represented the seller, a long-time client of Gebroe-Hammer, and landed the buyer, 28 Gates LLC.

Smaller multifamily properties are garnering interest even in the current iced-up financing market. “There is a very high level of demand for properties of this size and location among investors, many of whom are seeking to take advantage of today’s low interest rates,” says Uranowitz in a statement. “There also is a preference among lenders to finance this type of non-volatile commercial real estate investment.”

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