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Gebroe-Hammer Trades 153 Apartments for $8M

LIVINGSTON, NJ-Gebroe-Hammer Associates arranged four multifamily asset sales in Newark, Jersey City and Carteret for a total of $8.3 million.

By Maria Wood | Updated on November 03, 2009

LIVINGSTON, NJ-In four separate deals, Gebroe-Hammer Associates oversaw the sale of 153 multifamily units in Essex, Hudson and Middlesex counties. The combined total came in at $8.3 million.

“Urban properties of this size and caliber are in heightened demand in all of New Jersey’s most densely populated cities throughout the northern counties, which serve as a gateway for transportation and offer excellent access to employment centers and the 24/7 lifestyle the New York metropolitan area provides,” says Ken Uranowitz, managing director at locally based Gebroe-Hammer, in a statement.

In the largest deal, Nationwide Affordable Housing Inc. sold the 88-unit Aspen Temple complex near Newark’s Upper Clinton Hill Section at 835 S. 10th St. to Aspen Temple Holdings LLC for $4 million. GH EVPs David Oropeza and David Jarvis represented the seller and procured the buyer. Legal counsel for Aspen Temple Holdings was provided by Richard Kelin of Feinstein, Raiss, Kelin and Booker of West Orange. Consisting of two all-brick, four-story buildings, Aspen Temple property was 98% occupied at the time of sale.

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