PRLog - Aug. 9, 2012 - LIVINGSTON, N.J. -- As multi-family vacancies and interest rates continue to record historic lows, property owners have the motivation to sell and buyers have the means to enhance their portfolios, according to Gebroe-Hammer Associates. Year-to-date, the Livingston, N.J.-based investment brokerage firm has been consistently closing an average of two transactions per week, the latest of which involve four separate deals closed within a two-week timeframe. The transactions totaled 112 units throughout Essex, Union and Passaic counties and netted a combined $7.25 million.
97-99 Pine Street, Montclair
In the largest sale, Sales Associate Nicholas Nicolaou exclusively represented the owner and identified the buyer in the $3.05 million trade of 97-99 Pine St. located in Montclair. The 28-unit two-building complex is comprised of a mix of one- and two-bedroom layouts. Just one block from the Bay Street train station, the mid-rise buildings are in the heart of the township near shopping, culture and parks.
"True to its roots as a ‘railroad suburb,' which dates back to the 1870s when settlers sought easy access to New York City, Montclair remains a popular commuter hub today where multi-family occupancies are in the high 90th percentile, rents are competitive and investors are vying for off-market acquisitions,"
Urban markets also continue to attract multi-family investors, many of whom are targeting Northern New Jersey cities where apartment buildings are playing an important role in renewal initiatives. Recent transaction highlights include the $1.8 million trade of 23 units, including three commercial units, at 150-152 Elmora Ave., in Elizabeth and a short-sale of 27 units for $600,000 at 42-52 Essex St., in Paterson, arranged by Sales Associates Stephen Tragash and Debbie Pomerantz, respectively. Executive Vice President David Oropeza also facilitated the $1.8 million sale of a 39-unit building in a quiet East Orange residential neighborhood, near shopping and transportation.
"North Jersey's cities have a high density of post-war era apartment buildings, which are fully occupied and in-demand among each city's working-class tenant base, as well as investors who recognize the long-term potential of these performing properties,"
Gebroe-Hammer Associates specializes in suburban and urban high-rise, mid-rise and garden-apartment properties throughout New Jersey, New York and Pennsylvania, including Philadelphia. The firm also markets mixed-use and free-standing office and retail properties on behalf of a wide range of private owners, REITS, private equity firms and other institutional investors, the majority of whom are repeat clients. Widely recognized for its consistent sales performance, Gebroe-Hammer is an eight-time CoStar Power Broker.