LIVINGSTON, NJ–While the percentage of home ownership in the region is declining, the taut rental market has caused multi-family building sales to surge in the first quarter, Gebroe-Hammer Associates' Ken Uranowitz tells GlobeSt.com..
His Livingston-based firm brokered $121 million in sales in Q1. The trades included a total of 1,957 units – with the large majority closing in March.
“Rental occupancy rates are more than 95%,” says Uranowitz, who is president of G-H. “Hence, there is increased interest from investors in any and all properties that make it to market,” says Uranowitz.
In the last week of February and first week of March, the firm completed ten transactions totaling 808 units. Nine of the sold properties were in New Jersey, with one in Camden County and others in the northern counties of Essex, Passaic, Bergen and Sussex; one property was in Pennsylvania.
The firm had closed ten transactions in the month of January.
“Based on what we're currently seeing in the market from an investor standpoint, we expect these trends to continue and gain even greater velocity,” says the G-H president.
“The year ahead is shaping up to be another strong one for the multi-family industry as a whole.”
G-H handles suburban and urban high-rise, mid-rise and garden-apartment properties in New Jersey, New York and Pennsylvania, including Philadelphia.
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