ELIZABETH, NJ-In five separate deals totaling $6.964 million, Livingston, NJ-based Gebroe-Hammer has brokered two multifamily building sales and three notes on multifamily properties, covering 157 units around Elizabeth, GlobeSt.com has learned exclusively.The building sales, involving private sellers and buyers, were the $1.33 million deal for a 24-unit apartment house at 415 Westminster Ave., and the $852,500 purchase of an 11-unit building at 342-346 Chilton St.
Cap rates were about 7.5% to 8.0%. The note sales were a $2.625 million trade of 60 garden-apartment units; a $1.25 million note sale of a 41-unit, five-story elevator building, and a $900,00 note involving 21 mid-rise units. (Addresses could not be specified per confidentiality agreements, the company says.)
“Elizabeth is a very busy area. It’s close to the highways and the airport,” says Gebroe-Hammer sales associate Stephen Tragash, part of a team that also included managing director Ken Uranowitz, executive VPs Joel Schwartz and Joseph Brecher in various combinations on the deals. Gebroe-Hammer was the exclusive broker representing a prominent New York investment bank on the note sales.
Chilton was a particularly quick transaction, says Tragash, taking just six weeks from when Gebroe-Hammer identified the property on behalf of the buyer to closing the all-cash transaction.
“That six-week deal was one of the easiest I’ve ever done,” Tragash says. Westminster, on the other hand took six months from offering to closing.
Elizabeth remains attractive to investors, he adds, given its focus on urban renewal. And activity looks healthy for the new year. “There’s a lot of opportunity today, more today than a year ago,” Tragash says. “I’m very optimistic for 2012.”
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