NEW JERSEY—Gebroe-Hammer Associates, based in Livingston, recently closed two multifamily sales in Elizabeth worth $3.58 million. Stephen Tragash, sales associate, arranged the sales, which totaled 42 units, including three ground-floor retail units.
“In recent years, Elizabeth has experienced significant revitalization and development efforts,” said Tragash. “The city offers a quality tenant base as well as a large stock of existing housing inventory. With interest rates still hovering at record lows, deal velocity in the city has substantially increased over the last six months, a trend that should continue in light of current economic conditions.”
The first of the two sales was 547-555 South Broad Street, a three-story property comprised of 19 apartment units, which sold for $1.78 million. All units at the courtyard property include two bedrooms. Parking is also available.
In the second sale, Tragash represented the seller in the disposition of 150-152 Elmora Ave., which sold for $1.8 million. The 20-unit apartment building includes one-bedroom units and three ground-floor retail units. The fully rented three-story brick building is situated on a main thoroughfare.
