BROOKLAWN, NJ-Suburban commuter towns in Southern New Jersey continue to attract multifamily investors and tenants alike, as demonstrated by the recent $3.1-million, all-cash sale of the 97%-occupied Brooklawn Court Apartments here. Gebroe-Hammer Associates’ Joel Schwartz, executive vice president, represented the seller, Brooklawn LLC, and procured the buyer, a longtime client, in the transaction.
“Just like the suburban markets serving New York City, there is an extremely high level of interest among multifamily investors who want to acquire small-to-mid-sized apartment buildings throughout New Jersey’s southern suburbs which are the gateway to Philadelphia,” Schwartz tells GlobeSt.com.
The three two-story, garden-style apartment buildings, located at 301-501 Browning Rd., are comprised of 54 two-bedroom units. Local shopping and dining are nearby within the borough’s historic business district.
“Multifamily transactions continue to surpass their office and industrial counterparts, especially in the suburbs, where sales volume is on the rise,” adds Ken Uranowitz, Gebroe-Hammer’s managing director. “More property owners, many of whom possess decades of experience, are acknowledging that now is the ideal time to sell given the accelerated demand for multifamily properties in a record-low interest rate lending environment,” he tells GlobeSt.com. “Also, several clients have chosen to sell right now as the window closes on the 15% capital gains tax at year’s end.” Legal counsel for the transaction was provided by Tom Cohn, Esq. of Coughlin & Duffy in Morristown and Harold Ritvo Esq. of Hackensack, on behalf of the seller and buyer, respectively.
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