LIVINGSTON, NJ—Multifamily investments are bringing the heat, from the region's in-demand urban downtown districts to the picturesque highland and coastal regions, according to Gebroe-Hammer Associates. In June, the firm's market specialists recorded 16 sales totaling more than 1,290 units that sold for more than $181.42 million.
“Multifamily transactions are certainly not showing any signs of deceleration,” says Ken Uranowitz, Gebroe-Hammer president. “June turned out to be a chartbuster for us, averaging a record four sales per week. And of the 16 deals we closed, three were portfolio sales representing a total of 967 units.”
The properties spanned New Jersey's Bergen, Essex, Hudson, Monmouth, Morris, Ocean and Passaic counties, as well as Pennsylvania's Lehigh Valley and Philadelphia submarkets. Asset classes ranged from a two-property 532-unit value-add South Jersey/Pennsylvania package to pre-war-era midrises poised for repositioning in bustling city-center neighborhoods.
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