SPRINGFIELD AND MORRISTOWN, NJ– Two separate multifamily transactions turned into a record-setting $113.5 million double-play for Gebroe-Hammer Associates. The sale of the properties, which were owned by Forest Realty for more than 40 years, represents one of the state's largest multi-family transactions recorded in 2015 thus far, and underscores the continued boom in the multifamily market.

Gebroe-Hammer represented Forest Realty in the estate sale of two separate multifamily properties in Springfield and Morristown, N.J. The firm's brokerage teams, led by managing director Joseph Brecher, also found buyers for Short Hills Village Club (Springfield) and Franklin Manor (Morristown).

“Both of these well-maintained properties are at the center of it all in terms lifestyle amenities and access to mass transit, shopping and dining,” says Brecher. “Springfield and Morristown are highly desirable multi-family investment markets due to the strength of their tenant pool, sustained population growth and proximity to employment centers and some of the state's largest employers, such as Bayer and Honeywell.”