LIVINGSTON—Gebroe-Hammer Associates recently orchestrated three multifamily trades involving a total of 101 units that netted almost $10 million. The Livingston firm was awarded exclusives on each property, all located in Bergen and Passaic counties, and represented both the sellers and buyers in the transactions.
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.
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.
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., features 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.