PARSIPPANY, NJ-Gebroe-Hammer Associates has announced the $19-million sale of 251 units at Baldwin Oaks, a US Department of Housing and Urban Development-designated senior retirement rental community here. Gebroe-Hammer was the exclusive brokerage firm for the property, with executive vice president Joseph Brecher and sales associate Stephen Tragash representing both the seller, AIMCO, and the buyer, a longtime Gebroe-Hammer client.

Baldwin Oaks is one of several HUD-designated senior affordable and low-to-moderate income multifamily investment sales closed by Gebroe-Hammer during the past several months. Recent transactions include representing the sellers and buyers of 50 units in Bedminster, 88 units at Aspen Temple in Newark, 168 units at Cedar Street Commons in Livingston and 96 units at Preakness Commons in Wayne. And the firm is about to close on several additional HUD properties.

“Baldwin Oaks is one of the most appealing age-restricted, affordable rental communities in Morris County and the northern part of the state, where there is tremendous demand for this type of living option,” Brecher tells GlobeSt.com. “Because of the ever-rising population age for the area, this type of senior housing consistently yields historically high occupancy levels.” And Baldwin Oaks is no different, posting 100% occupancy at the time of the sale and a two-year waiting list. "Morris County is one of New Jersey’s highest barrier-to-entry multifamily investment sales markets for all building types, from affordable senior rental units to traditional market-rate garden apartment complexes," adds Gebrore-Hammer managing director Ken Uranowitz.