ROCHELLE PARK, NJ - Gebroe-Hammer Associates exclusively represented the seller, 47-53 Central Avenue, LLC, and identified the buyer in the $7.65 million trade of Central Avenue Apartments, located at 47-53 Central Ave., in Rochelle Park, N.J. The brokerage team includes Managing Director Joseph Brecher, Senior Vice President Greg Pine and Assistant Vice President Debbie Pomerantz.
The two-building garden apartment complex, which was built in 2006, is comprised of 32 units, each of which has an HVAC unit, hardwood flooring, ceramic tile kitchen and bathroom and full sized washer and dryer. A four-bedroom, 1,900-square-foot home and 66-space on-site parking lot also were included in the sale. Gebroe-Hammer reports average market rents for the area range from $1,550 for a one-bedroom unit to $1,950 for three-bedroom units.
Situated in a quiet, commuter-friendly neighborhood, Central Avenue Apartments is just off Routes 80, 17, 46 and 4 as well as the Garden State Parkway. It is close to Bergen County's major shopping destinations, including Garden State Plaza and Bergen Town Center, and recreational venues, such as golf courses, parks and Van Saun County Park and Zoo.
"The opportunity to add a newly constructed, well-located garden-apartment complex to an investment portfolio was just too good to pass up," said Pomerantz, who represented the buyer. "Amenity-filled properties, in prime locations, rarely come to market in Bergen County, so when they do, they garner tremendous attention - and aggressive pricing."
New Jersey's northeastern Bergen County is the most densely populated in the state and has 12 municipalities ranked among the most expensive places to live in America. "Despite the high cost of living, the county's proximity to New York City and vast transportation network make it a residential destination of choice among today's renters," said Brecher, who noted the complex was 98 percent occupied at the time of sale.
Legal counsel was provided by Jay Levinton, Esq., of Westerman, Ball, Ederer, Miller & Sharfstein, LLC of Uniondale, N.Y., and Joseph Behot, Esq., of Sokol, Behot & Fiorenzo of Hackensack N.J., on behalf of the seller and buyer, respectively.
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 long-term clients, including private owners, REITS, private equity firms and other institutional investors. Widely recognized for its consistent sales performance, Gebroe-Hammer is a nine-time CoStar Power Broker.