4B — November 8 - 21, 2019 — New Jersey — M id A tlantic
Real Estate Journal
www.marej.com
N ew J ersey
IVINGSTON, NJ — Multi-family continued to flex its muscle over Centers of trading include North & Central NJ and Philadelphia Metro Gebroe-Hammer racks up $1.38B in YTD sales with 93 deals/9,232 units through Q3 L apartment space.
based company has arranged a total of 93 deals YTD involving 9,232 units sold for $1.38B with a number of key closings slated to feed the trading-velocity pipeline expected at year end. “Investors – from private equity funds and institutional entities to private individuals and family offices – are up- ping their acquisition ‘game’ throughout the New Jersey, Greater Philadelphia and New York State metros as the end of the year draws closer,” said the firm’s president Ken Uranow- itz , who has been with Gebroe- Hammer since its inception in 1975.
“Investors are seeking multi- family properties primed for capital improvements and/or recently delivered new-con- struction properties that serve as neighborhood redevelopment anchors,” said Uranowitz, who noted the highest velocity of activity is being generated by a seasoned-owner demographic that includes equity funds with plenty of dry powder who are aligning themselves with local operators. “Regardless of vintage or class, multi-family investments across the board are poised for asking-rent and property value acceleration.” Gebroe-Hammer’s primary
areas of activity, which extend from North and Central NJ, to the Greater Philadelphia Met- ro/Southwest Jersey and New York State, are showing signs of this phenomenon. During the latest quarter from July to Sep- tember, the firm’s sales totaled 28 deals of $560+M encom- passing 3,557 units. Top sub- market benchmarks involved 1,298 units/$199.28M in Essex County; 760 units/$140.38M in Bergen County; and 198 units/$53.91M in Hudson Coun- ty – all three of which happen to individually and collectively ac- count for New Jersey’s primary concentration of competitive
“Throughout Essex County – particularly East Essex – multi- family investment interest is at an all-time high because of the sweeping revitalization initia- tives that are no longer just a concept,” said executive manag- ing director David Oropeza . “Gebroe-Hammer has dominat- ed these submarkets, especially The Oranges and Newark, from day one of its founding and our team continues to identify fu- ture investment opportunities.” Other North and Central Jer- sey municipalities in which the firm arranged Q3 sales included Bloomfield, Chatham, Clif- ton, Fairview, Hoboken, Long Branch, Maywood, Nutley, Paterson, Ridgefield, Somerset and Union City. While Reis reports the in- dustry as a whole anticipates vacancies to taper off in the next year or two as new-product roll-outs ease, the Philadelphia Metro was one of five metros in the nation with the greatest vacancy decline in Q3 – a strong indicator that the metro is gain- ing momentum. During this timeframe, Gebroe-Hammer’s Greater Philadelphia market specialists arranged sales in- volving a total of 519 units sold for $83.25M. “Demand has kicked in throughout the Greater Phila- delphia Metro, which includes Philadelphia proper as well as South Jersey and the city’s northern and western sub- urbs,” said executive manag- ing director Joseph Brecher. “While Philadelphia has been steadily drawing new multi- family investment during the past 10 years or so, vacancies are dropping and annual aver- age rent growth has risen to +4.6% – all good indicators of an ever-strengthening metro.” This robust sales activity comes on the heels of Q2, in which Gebroe-Hammer closed 65 transactions. This included 5,675 multi-family units sold for $820+M. Widely recognized for its consistent sales performance, Gebroe-Hammer is a 15-time CoStar Power Broker and a nationally rankedMulti-Family Influencer. Other achievements include arranging the largest Mid-Atlantic region multi- family sale (2018); one of the na- tion’s top-25 single multi-family asset sales (2017); and being named among the nation’s top-25 multi-family brokers (2017).
o f f i c e a n d retail invest- ment prop- e r t y s a l e s in Q3 2019 t h a n k s t o an extended rent-growth run and un- quenched ap-
Ken Uranowitz
petite among investors for both value-add and new construction product, according to the invest- ment brokerage firm Gebroe- Hammer Associates. At the close of Q3, the Livingston, NJ-
GH-MAREJ Sales Ad 1019 HP.indd 1
10/22/19 5:01 PM
Made with FlippingBook - Online magazine maker