(Save the date: RealShare New Jersey comes to the Hyatt Regency, New Brunswick, NJ, September 19.)
LIVINGSTON, NJ-It’s been said time and again that multifamily is currently the hot property and yet another investment broker has been experiencing its heat. According to Gebroe-Hammer, it’s never been a better time to sell and buy as the investment broker has been averaging two multifamily investment sales per week in northern New Jersey.
GlobeSt.com received the exclusive details from the company, which outlined the most recent: four separate deals which closed within a two-week timeframe. The transactions encompassed 112 units throughout Essex, Union and Passaic counties. The largest sale, the company says, was 97-99 Pine St which went for $3.05 million. Located near Montclair’s Bay Street train station, the purchase included a 28-unit two-building apartment property.
“North Jersey’s cities have a high density of post-war era apartment buildings, which are fully occupied and in-demand among each city’s working-class tenant base, as well as investors who recognize the long-term potential of these performing properties,” said sales associates Stephen Tragash in the same statement. “Multi-family properties are a healthy investment choice right now and investors are just eating them up.”
GlobeSt.com has been tracking Gebroe-Hammer’s recent transactions. Recently, we reported on a non-performing note sale of $2 million on a 70-unit garden apartment complex in Gloucester County. And it was also revealed exclusively that the firm handled a further $5.8 million in multifamily property trades in just eight days.
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