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Multifamily Distress Leads to Dispositions

PLAINFIELD, NJ-Gebroe-Hammer recently closed two multifamily bankruptcy portfolio sales here that net more than $22 million.

By Alyson Grala | Updated on October 29, 2010

PLAINFIELD, NJ-The economic aftermath of over-leveraged multifamily properties continues to yield a number of bankruptcy sales throughout Northern New Jersey, including two recent local portfolio dispositions for more than $22.1 million involving a total of 409 units. Gebroe-Hammer Associates, a leading commercial real estate brokerage firm specializing in the sale of apartment-rental buildings as well as office and retail properties, orchestrated the complex bankruptcy sales as the exclusive court-approved brokerage firm.

The larger portfolio package, acquired for $16.082 million by a private investor who is a longtime Gebroe-Hammer client, includes 108 units at Netherwood Village (825 E. Front St.); 102 units at Watchung Gardens (802 E. Front St.); and 58 units at Greenbrook Village (733 E. Front St.). Offering a mix of one-, two- and three-bedroom units, the garden-apartment complexes are well situated in the heart of the city. As the US Bankruptcy Court-approved broker, Gebroe-Hammer’s Steven Tenenbaum, assistant vice president and Plainfield market specialist, identified the buyer who owns several apartment-rental buildings in the surrounding area.

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