LIVINGSTON, N.J.—In 10 separate transactions, Gebroe-Hammer Associates recently arranged the sale of 261 apartment-rental units and five commercial units in New Jersey’s multifamilystronghold of Essex and Hudson counties. Combined, these Newark, Irvington, Union City and Bayonne properties sold for more than $13.2 million.
“With rents on the rise throughout Essex and Hudson counties, and the availability of very little for-sale multifamily product, each of these properties offers a tremendous opportunity for the respective investors, each of whom recognized the long-term potential,” David Jarvis, executive vice president and area market specialist, said in a statement.
“As the economics of the region, particularly the cities, are evolving, buyers are re-investing in these buildings with extensive renovations in order to cast their net to attract an even wider renter pool.”
Gebroe-Hammer’s team of professionals provided exclusiveservices for three transactions involving well-located mid-rise properties totaling 124 units in Newark; four sales encompassing 73 units and five ground-floor retail units in Bayonne; and two trades comprised of 24 total units in Union City.
Jarvis, who specializes in inner-city multifamily sales, exclusively represented each of the Newark sellers and identified the buyers in two of the trades, while Managing Director David Oropeza identified the buyer in the third transaction. Jarvis, along with President Ken Uranowitz, also exclusively represented a prominent New York bank in the sale of a note encumbered by a 40-unit property in nearby Irvington.
“Proximity to Manhattan makes Essex and Hudson counties a tenant magnet for those who desire a convenient, urban setting without the high price tag of a New York City lifestyle,” added Jarvis. “Strong and stable occupancy rates continue to drive demand for this type of asset, attracting a growing number of investors.”