PASSAIC, NJ- Gebroe-Hammer Associates has arranged the sale of more than 110 apartment units in Passaic County already this year, including three commercial real estate properties in Paterson, the county seat. One broker who has handled the lion's share of multifamily deals in the area - Debbie Pomerantz – tells GlobeSt.com that it is emerging as a “nucleus of investment interest.”
Over the last 18 months, Pomerantz has closed sales of 627 units in Passaic County with an aggregate value of just under $50 million.
In one transaction, a 12-unit apartment complex in Passaic went for $1.625 million which works out to more than $135,000 per unit. Pomerantz represented the seller, Passaic Park Properties, and identified the buyer in the transaction. The complex at 458 Lafayette Ave., all one-bedroom units with balconies, is located near St. Mary's Hospital. It has on-site parking, new water heaters, a new roof and newly painted units.
“This market is very much a commuter hub, and a significant number of its residents are renters,' says Pomerantz. ”Strong occupancy rates combined with favorable interest rates for financing, continue to drive investor interest county-wide, placing upward pressure on pricing,” she adds.
Other recent transactions Pomerantz handled were the $4 million trade of Seville Apartments in Passaic and the note sale of a 46-unit, nine-building portfolio in Paterson.
Also, on Monday, Pomerantz closed a deal in Bergen County's Ridgefield Park. She and David Oropeza of Gebroe-Hammer represented the buyer and seller of a 15-unit building at 83 Brinkerhoff Street, which sold for $2,025,000. The four-story apartment building is near shopping, school and public transportation and includes ten one-bedroom and five two-bedroom units.
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