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Gebroe-Hammer Inks $174M in Q4 MF Sales

LIVINGSTON, NJ-'This area, from stable urban strongholds to high-barrier-to-entry suburban markets, is becoming more fertile in terms of multifamily activity,' says the company's Ken Uranowitz.

By Alyson Grala | Updated on January 20, 2010

LIVINGSTON, NJ-As demand for multifamily investments became more heated, property sales ramped up in the last three months of 2009 when more than 2,000 units across New York and New Jersey traded in 15 separate deals orchestrated by locally based Gebroe-Hammer Associates. This heightened activity involved a series of prominent mid-to-large-sized property transactions, which exceeded $174.35 million, in Southeastern New York State and Northern, Central and Southern New Jersey.

“This was a historic fourth quarter for our firm as the multifamily investment market rallied, clearly demonstrating that apartment-rental buildings are far more resilient than any other real estate class, including office, retail and industrial,” Ken Uranowitz, Gebroe-Hammer’s managing director, tells GlobeSt.com. “Based on these closings and current deals in the pipeline, we expect this trading velocity to continue into 2010.”

According to Uranowitz, multifamily investments are favored by local savings and loans and community banks, which have emerged as the leading lenders in today’s economy. This is primarily because apartment buildings are considered to be a less volatile investment risk due to the basic need for housing. In addition, the rental pool remains consistently strong. Uranowitz adds that he has also seen buyers who do not require financing, opting instead for 1031 exchange deals and plunking down all cash.

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