HACKENSACK, N.J-Gebroe-Hammer has recently arranged the sale of three apartment complexes in Bergen County, fetching a total of $10.25 million, GlobeSt.com has exclusively learned.
The brokerage team of Greg Pine and Nicholas Nicolaou exclusively represented the seller and found the buyer for 50 Anderson St. and 430 Union St., both in Hackensack. The 29-unit and 37-unit mid-rise buildings traded for a total of $8.65 million. G-H's president, Ken Uranowitz, had originally sold the two properties to the seller in 1984.
“With interest rates at all-time lows and demand at record levels, especially in high-barrier locations, the seller chose to capitalize on healthy multi-family investment fundamentals,” said Pine.
Hackensack has strong occupancy rates and competitive rental rates. It is lately attracting increased investment demand, Pine noted.
The Anderson Street property has14 one-bedroom, 13 two-bedroom and two three-bedroom units, some with dens. It is situated near Hackensack's Main Street, I-80 and Route 17 and the NJ Transit bus network.
The Union Street complex has 16 one-bedroom, 18 two-bedroom and two three-bedroom units, plus one studio. It is located near routes 4 and 17, and close to the Hackensack campus of Fairleigh Dickinson University.
The other transaction was a $1.6 million sale of Palisades Manor in Palisades Park. Pine and Uranowitz exclusively represented the seller and procured the buyer, both of whom are long-time clients. The two-story, 12-unit complex is set two miles from the George Washington Bridge.
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