LIVINGSTON, NJ—Pent up demand for multifamily investments and apartment rentals in Bergen and Passaic counties is mirroring what's happening in rival urban markets, in terms of net absorption and effective rents, according to Greg Pine of Gebroe-Hammer Associates.
The Livingston-based investment brokerage firm, which recently arranged two separate sales totaling 79 units in Hackensack and Passaic, confirms that the same new urbanism sweeping the waterfront markets is moving into suburbia and gaining greater momentum.
“Bergen and Passaic County rival Hudson County for the state's highest concentration of multi-family sales involving existing low-, mid- and hi-rise complexes and garden-apartment communities as well as new construction starts,” says Pine, executive vice president, whose focus is Bergen County and its secondary markets. “While these three markets are very similar in terms of occupancy rates of 97-plus percent, increased sales volume and property appreciation and falling cap rates, suburban hubs are now embracing a 'transit village' approach that benefits new and existing properties across the board.”
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