EXCLUSIVE NEWARK–A string of 10 recent apartment building sales it handled in Essex and Hudson counties totaled $13.2 million, Gebroe-Hammer tells GlobeSt.com.
G-H arranged the sale of 261 rental units and five commercial units in the two counties, which it calls the “investment stronghold” of New Jersey. The multifamily properties were located in Newark, Irvington, Union City and Bayonne and several required significant work.
“As the economics of the region, particularly the cities, are evolving, buyers are re-investing in these buildings with extensive renovations in order to cast their net to attract an even wider renter pool,” says David Jarvis, G-H's area market specialist for inner-city multi-family sales.
Rents are rising throughout the counties, occupancy is high and very little multifamily product is available for sale, Jarvis notes. “Each of these (sold) properties offers a tremendous opportunity for the respective investors, each of whom recognized the long-term potential,” he says.
Gebroe-Hammer was the exclusive broker for:
- three transactions involving 124 units in mid-rise properties in Newark,
- four sales including 73 units and five ground-floor retail units in Bayonne,
- and two trades including 24 units in Union City.
Jarvis exclusively repped each of the Newark sellers and identified the buyers in two of the trades, and David Oropeza identified the buyer in the third transaction. Jarvis, along with G-H president Ken Uranowitz, also exclusively represented a prominent New York bank in the sale of a note on a 40-unit property in nearby Irvington.
“Proximity to Manhattan makes Essex and Hudson counties a tenant magnet for those who desire a convenient, urban setting without the high price tag of a New York City lifestyle,” says Jarvis. “Strong and stable occupancy rates continue to drive demand for this type of asset.”
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