Gebroe-Hammer Associates Completes Five North Jersey Multi-Family Sales Totaling $7.305 Million

Nov. 9, 2011 - PRLog -- Gebroe-Hammer Associates has completed five multi-family investment sales involving a total of 95 units that traded for $7.305 million, according to Ken Uranowitz, managing director of the Livingston, N.J.-based firm. Gebroe-Hammer's brokerage specialists represented the sellers and buyers in each of the trades involving properties located throughout three of Northern New Jersey's primary submarkets.

Greg Pine, senior vice president, arranged the $3.2 million sale of 25 units located at 34 Wisse St. in Lodi, a southwestern borough of Bergen County. The two-story garden-apartment building features a mix of 18 one-bedroom and four two-bedroom units as well as three medical-office commercial units. A commuter hub, Lodi is served by eight NJ Transit bus routes and three major highways, including Route 17, U.S. Route 46 and Interstate 80.

"Although population growth has slowed, Bergen County remains the most populous county in the state, boasting solid occupancy rates and a high concentration of multi-family complexes that run the span of garden apartments to luxury high-rises," said Pine. "Because of this diversity, any property that comes on line is heavily contended by investors seeking to establish a flagship property or expand their local portfolio."

Like Bergen County, Jersey City boasts a rich diversity of multi-family properties, many of which were constructed in the 1940s and 1950s. In the heart of this Hudson Waterfront submarket, Nicholas Nicolau, sales associate and Hudson County market specialist, finalized two trades. Highlights include the $1.5 million sale of 16 residential and two commercial units at 519 Central Ave. and the $855,000 disposition of 16 units at 96 Storms Ave. In nearby Union City, Gebroe-Hammer's brokerage professionals also concluded the $1.6 million sale of a 23-unit building.

"With cap rates approaching pre-recession levels, and the availability of low-interest rate/apartment-building ‘friendly' financing in the pipeline, we expect to see many more long-time property owners choose to dispose of their properties over the course of the next 12 months as values continue to rise," said Nicolau.

Although less common than this time last year, low-to-moderate levels of distress continue to exist, according to Gebroe-Hammer, which negotiated the $150,000 note sale of 13 distressed units at 1348 West Front St., in the City of Plainfield. David Jarvis, executive vice president, and Steve Tenenbaum, assistant vice president, represented the lender, a prominent New York area bank, and identified the buyer.

"Competition is vigorous for any and all multi-family properties that do come to market, especially in the Northern New Jersey submarkets. Location and access to mass transit and employment centers continue to lure investors, as does the new phenomenon of a ‘renter nation,' characterized by a weak housing market and general consumer insecurities," said Uranowitz.

Established in 1975 by industry icons Mel Gebroe and the late Morris Hammer, Gebroe-Hammer Associates specializes in multi-family, retail and office property investment sales throughout New Jersey, New York, and Pennsylvania. Widely recognized for its consistent sales performance, the award-winning firm is an eight-time CoStar Power Broker.

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About Gebroe-Hammer Associates: An industry leader for 35 years, Gebroe-Hammer is among the tri-state region's most influential brokerage firms, specializing in the sale of multi-family, retail and commercial investment properties. The company provides innovative brokerage services to a wide range of private owners, REITS, private equity firms and other institutional investors. Gebroe-Hammer's proven track record on behalf of its clients has resulted in consistent growth every year since its inception, with a large percentage of repeat business from owners and investors. The firm's brokerage activity encompasses diverse property categories, ranging from suburban high-rise, mid-rise and garden-apartments to retail and office properties including real estate in urban areas undergoing revitalization and redevelopment initiatives.