PLAINFIELD, NJ-Union County rental building trades are hot right now, according to Gebroe-Hammer Associates, which has handled three recent sales to investors.
As one of the most densely populated counties in the entire country – with a large commuter population - Union County has a perennially vibrant demand for rental. G-H broker Gehane Triarsi tells GlobeSt.com that things have picked up more lately: She orchestrated three transactions involving 64 units that sold for a combined $4.375 million.
Triarsi exclusively represented the sellers of two older Plainfield properties and another in Linden.
She arranged the sale of a 33-unit complex at 821 Central Ave. in Plainfield for $2.55 million, or $77,272 per unit. The property was sold by the estate of the late owner, who had owned the building for 11 years. Located in the city's historic section, the property is a mix of one- and two-bedroom units.
“This is a unique building that looks like an old-world hotel,” said Triarsi. Kitchens had been recently updated, and the buyer will be making additional improvements to bring the property up to market-rate, she said.
Also in Plainfield, Triarsi and David Jarvis orchestrated the $625,000 sale of 1348 West Front St. The three-story building, built in 1930, has 13 units, which were fully occupied at the time of sale.
In Union County's southeastern city of Linden, an 18-unit studio apartment complex at 612 Ziegler Ave., sold for $1.2 million. The property traded at a 6.8% capitalization rate. That sale was part of the seller's portfolio disposition, according to Triarsi.
The Linden complex is near a number of parks and recreational facilities and close to the Garden State Parkway and NJ Turnpike.
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