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Gebroe-Hammer Closes Two Multifamily Sales

EAST ORANGE, NJ-In two separate transactions, Gebroe-Hammer Associates arranged the sale of two apartment complexes with retail shops here for a total of $3 million.

By Maria Wood | Updated on September 11, 2009

EAST ORANGE, NJ-Two apartment buildings here netted a total of $3 million in two separate sales orchestrated by Gebroe-Hammer Associates. The firm represented the buyers and sellers in each deal, all long-time clients of Gebroe-Hammer. The properties, located at 376 and 424 Park Ave. and 75 and 81 N. Arlington Ave., also include three retail shops.

“The owners of these properties recognized the opportunity to market these complexes within a supply-constrained market where there is heavy demand for urban garden and walk-up apartment complexes,” says Ken Uranowitz, managing director of Gebroe-Hammer, in a statement. “Now is an extremely advantageous time to sell multifamily properties, given the low interest environment, which won’t last that much longer as a result of inflationary concerns in the near future. This certainly bodes well for potential buyers.”

Average occupancy rates in the area are 95%, with rents ranging from $775 for one-bedroom residences and $950 for two-bedroom units, according to Gebroe-Hammer.Gebroe-Hammer EVP David Oropeza and Steven Tenenbaum, assistant vice president, closed the North Arlington Avenue deal, while Oropeza and David Jarvis, executive vice president, orchestrated the disposition of the Park Avenue buildings.

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