The brokerage team of David Oropeza, executive vice president, and Greg Pine, senior vice president, arranged the $4.5 million sale of 39 units at 30 Euclid Ave., in Hackensack; Sales Associates Nicholas Nicolaou and Debbie Pomerantz orchestrated the $4 million trade of the 46-unit Seville Apartments in Passaic; and Pomerantz closed the $1.05 million sale of 16 units at 420 E. 26th St., in Paterson.
"Many long-time multi-family property owners in North Jersey are seizing the opportunity to sell in a market dynamic very similar to that of five or six years ago, where there was heavy demand by investors, available debt at historic interest-rate levels and highly competitive bidding pushing values higher and compressing cap rates," said Ken Uranowitz, managing director.
According to Pine, the tenant pool is expected to strengthen even more throughout North Jersey as rents continue to rise in New York City, prompting Manhattanites to move across the Hudson. "Towns throughout Bergen County have traditionally been commuter hubs because the region offers ease-of-access to Manhattan via several mass transit links, including rail, bus and ferry," he said.
The four-story Hackensack property, which sold for the per-unit price of $118,000 at a 5.75 percent cap rate, is centrally located near the central shopping district and NJ Transit routes. Offering a mix of studio, one- and two-bedroom units, the property features an elevator and on-premises laundry and parking. Average rents range from approximately $850 to $1,500.
Seville Apartments, a fully occupied five-story building located at 77 Pennington Ave., boasts similar amenities and proximity to mass transit, shopping and employment centers, including two hospitals. The mid-rise complex is comprised of 37 one-bedroom, 4 two-bedroom and 5 three-bedroom units, each with an eat-in-kitchen and cedar closets.
"Passaic County has a very high concentration of multi-family properties, many of which are within or near residential neighborhoods and schools - characteristics that attract both tenants and investors," said Pomerantz, who noted the East 26th Street property also is situated within a residential area of single- and two-family homes.
Established in 1975 by industry icons Mel Gebroe and Morris Hammer, Gebroe-Hammer Associates specializes in urban and suburban multi-family, retail and office property investment sales throughout New Jersey, New York, and Pennsylvania. The company's client base includes private owners, REITS, private equity firms and other institutional investors. Widely recognized for its consistent sales performance, the award-winning firm is an eight-time CoStar Power Broker.