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Follow on Google News | Gebroe-Hammer Associates Arranges Trade of Distressed Nine-Building Portfolio in Plainfield, N.J.Private Investor Acquires 182 Units in the Heart of the City
By: Amy Rohrbeck "This particular portfolio attracted widespread investor interest. In addition to the discounted pricing, it was an atypical opportunity to acquire well-built buildings, within a few blocks of each other, that have tremendous repositioning potential. Our client, who has other holdings in the area, plans to implement several upgrades to bring each property up to competitive market rates," said Tenenbaum, who has closed over $39 million in note and bankruptcy sales during the last 30 months in Plainfield alone. He has represented 751 units on behalf of various major lending institutions. The properties, ranging from mid-rise to garden-apartment- Tenenbaum, who has represented the buyer in the acquisition of more than 300 total units throughout Plainfield prior to this transaction, says the city's strong working-class demographic and urban setting yield strong market fundamentals. Located in Central New Jersey on the southwestern edge of Union County, Plainfield's population has soared to an all-time high of 49,808, based on 2010 U.S. Census data. According to Gebroe-Hammer's brokerage professionals, average rents for the area range from $850 for a one-bedroom to $1,200 for a three-bedroom unit. Occupancy rates are at approximately 95 percent. "In the past few years, Gebroe-Hammer has sold close to $100 million in note and Sec. 363 Bankruptcy sales for several major banks and debtors-in-possession," Established in 1975 by industry icons, the late 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. # # # 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. End
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