LIVINGSTON, NJ-Gebroe-Hammer Associates orchestrated three recent multifamily apartment deals in Bergen and Passaic counties involving a total of 101 units and netting almost $10 million.
Ken Uranowitz, managing director of the Livingston-based firm tells GlobeSt.com that, “Many long-time multi-family property owners in North Jersey are seizing the opportunity to sell in a market dynamic very similar to that of five or six years ago, where there was heavy demand by investors, available debt at historic interest-rate levels and highly competitive bidding pushing values higher and compressing cap rates.”
Each of the sellers in the three recent transactions named Gebroe-Hammer as their exclusive marketing agency and G-H also represented the buyers:
- The brokerage team of David Oropeza, executive vice president, and Greg Pine, senior vice president, arranged the $4.5 million sale of 39 units at 30 Euclid Ave., in Hackensack.
- Sales Associates Nicholas Nicolaou and Debbie Pomerantz orchestrated the $4 million trade of the 46-unit Seville Apartments in Passaic.
- Pomerantz also closed the $1.05 million sale of 16 units at 420 E. 26th St., in Paterson.
According to Pine, the tenant pool is expected to strengthen even more in North Jersey as rents continue to rise in New York City, prompting more Manhattanites to make the move across the Hudson. “Towns throughout Bergen County have traditionally been commuter hubs because the region offers ease-of-access to Manhattan via several mass transit links, including rail, bus and ferry,” he notes.
The four-story Hackensack property sold for a per-unit price of $118,000 with a 5.75% cap rate. Situated near the city’s shopping district and NJ Transit routes, the building has studio, one- and two-bedroom units. Monthly rents range from $850 to $1,500.
The Seville Apartments, a fully leased five-story building at 77 Pennington Ave. in Passaic is also situated close to mass transit, shopping and employment centers, including two hospitals. The complex offers 37 one-bedroom, 4 two-bedroom and 5 three-bedroom units.
“Passaic County has a very high concentration of multi-family properties, many of which are within or near residential neighborhoods and schools – characteristics that attract both tenants and investors,” says Pomerantz, adding that the East 26th Street property is situated within a residential area.
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