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Gebroe-Hammer Completes $7M in Elizabeth Multifamily Sales

ELIZABETH, NJ-Five deals including note sales and building transactions comprise 157 units around the city, GlobeSt.com has learned.

By Debra Hazel | Updated on January 04, 2012

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.)

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