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Gebroe Moves Apartment Complex for $2M

FAIRVIEW, NJ–Don’t be fooled by the small dollar amount. The deal could be a sign that the class B market is picking.

By Debra Hazel | Updated on April 06, 2011

FAIRVIEW, NJ–A garden apartment building at 91 Hamilton Ave. here has been sold for $1.9 million, says Gebroe-Hammer Associates, which represented the seller and identified the buyer. Both parties in the transaction remain private. The sale does indicate that the market is strengthening for class B multifamily, says Greg Pine, senior vice president and a Bergen County market specialist for Livingston, NJ-based Gebroe Hammer. Cap rates and per-unit pricing is strengthening.

“The strong influence of Bergen County’s residential suburban character, coupled with the growing demand for a multifamily lifestyle in the current economy, offers considerable value for investors,” Pine says. “Sellers realize there is pent-up demand for apartment buildings in this area, which are driving values upwards and compressing cap rates. Meanwhile, investors realize no other alternative investment can offer a comparable combination of stable returns, with future rental upside and the tax advantages associated with multifamily ownership.”

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