“Elizabeth continues its ascent and investors continue to take notice—it is a city on the rise, mirroring a similar transformation that has yielded sweeping building-landscape changes and population-demographic diversification in nearby Hudson and Essex counties,” says Tragash, the brokerage firm's Elizabeth market specialist. “And like its urban-core counterparts, Elizabeth checks off all the boxes for today's upper-income professionals and empty nesters seeking a walkable apartment-rental lifestyle near mass transit connectivity and limitless lifestyle amenities.”

In addition to the sale of the North Broad Street building, Tragash recently arranged two other Elizabeth multi-family investment transactions that included a North Elizabeth property sale, as well as the trade of a three-story Tudor-style building with 27 units at 250 W. Jersey Ave.

In the nearby “Oranges” of Essex County, Gebroe-Hammer's executive managing director David Oropeza matched the firm's Elizabeth sales activity with $15.75 million in sales of 123 apartment-rental units. The latest transactions involved 43 units at 41 Main St., in Orange that sold for $4.525 million, as well as 28 units at 100 Chestnut St. ($3.5 million); 16 units at 492 Park Ave. ($2.2 million) and 12 units at 78 Harrison St. ($2.025 million), all in East Orange. In Irvington, Tragash orchestrated the recent trade of 15 units at 153-163 Elmwood Ave., for $1.7 million, which calculated into a price-per-unit of $113,333.

Rounding out Gebroe-Hammer's Essex and Union County sales activity during the recent 12-week timeframe were two additional sales in Belleville and Plainfield. The Belleville trade encompassed 24 units at Stephens Street Apartments ($3.78 million) in a transaction arranged by EVP Nicholas Nicolaou and SVP Adam Zweibel. The Plainfield transaction, which was arranged by Zweibel, involved 16 units at 346-350 Franklin Pl. in a deal valued at $1.56 million.

On April 23, Gebroe-Hammer reported that it arranged the $16.59-million sale of 134 multi-family units at Alpine Village Apartments in Wantage. The transaction, in which Tragash exclusively represented the seller, Alpine Village Apartments LLC, and procured the buyer, a private investor, also included a 17-acre land parcel for the construction of additional units.

Located at 4 Center St. in the Borough Center, Alpine Village features a mix of oversized one- and two-bedroom layouts. Constructed in 1970, the garden-style community is located at the crossroads of Route 23 and 284, the focal point for the region's primary business and shopping districts.