3-10-17

Real Estate Journal — Northern New Jersey — March 10 - 23, 2017 — 13B

www.marejournal.com

M id A tlantic

N orthern N ew J ersey Sale of Union County, NJ garden complex brings YTD total to 1,700+ units Gebroe-Hammer Associates boosts standing as region’s top multi-family investment firm L ivingston, NJ — Gebroe-Hammer As- sociates has boosted its

While the supply curve of for-sale product continues to dip downward, demand is soaring at a time when rent appreciation is attain- able through modest capital improvements soon after the deal closes. Many newly ac- quired circa-1970 and older apartment complexes – multi- family’s bread and butter – are undergoing renovations that include moderate-to-high-end kitchen and bath finishes as well as community space upgrades, from laundry facili- ties to the addition of fitness centers, playgrounds and dog

parks. According to Uranowitz, ask- ing rents will continue to climb, albeit at a more moderate pace, over the course of this year and into 2018. The 41-year industry veteran also expects the on-going delivery of Class A units to sustain heightened demand for more moderately priced, aggressively pursued Class B/B+ units with upside potential. “Remarkably, the recent con- struction boom hasn’t had any ill effects on existing proper- ties within Gebroe-Hammer’s submarkets of concentration,”

he said. “These properties have been able to peacefully coexist and even fortify the tenant pipeline in a positive way by offering a full spectrum of rent affordability that won’t break the bank accounts of millenni- als, empty-nesters/retirees or hard-working families. Simply put, the high cost of construc- tion, financing challenges and land in the Northeast make it cost-prohibitive to build non- luxury units, leaving investors to aggressively compete for existing properties.” Gebroe-Hammer is the most active multi-family invest-

ment sales brokerage firm in the entire New Jersey/Penn- sylvania/New York State re- gion. As the trusted brokerage advisor to private owners, RE- ITS, private equity firms and other institutional investors, the firm concentrates on sub- urban and urban high-rise and garden-apartment properties throughout the Northeast and nationally. Gebroe-Hammer also markets mixed-use and free-standing office and retail properties. Widely recognized for its consistent sales perfor- mance, the firm is a 12-time CoStar Power Broker. n

standing as the region’s t o p mu l t i - family invest- me n t f i rm by k i ck i ng off the first two months of 2017 with mo r e t han

Ken Uranowitz

1,700 units sold, signaling multi-family’s enduring reign as the commercial real estate investment asset of choice. In total, the Livingston-based firm’s market specialists ar- ranged over $376 million in sales that extended from Northern New Jersey’s densely populated municipalities and Central/South Jersey’s bed- room communities to Phila- delphia. The $70 million sale of an amenity-filled 200-unit gar- den-style complex in Union County, N.J., during February capped off January – a month punctuated by two nine-digit Northern New Jersey transac- tions finalized within one week. Gebroe-Hammer has had an almost 100 percent increase in multi-family sales benchmarks set just 12 months ago. “Multi-family continues to hold on to its titanium-grade status as the ‘tried and true’ commercial real estate invest- ment – a title held for nine- plus years, extending from pre-recession and at the peak of the downturn, to these post- recessionary times,” said Ken Uranowitz , president. “Trad- ing velocity isn’t showing any signs of turning sluggish as we near the close of the first quar- ter. However, all eyes are now on the Fed, which is strongly leaning toward raising rates at its mid-March meeting and seeing what, if any, effect that may have on multi-family’s continued uptick. The $64,000 question is, ‘How many more raises are there in the offing?’” Should the Fed increase by 25 basis points, as they did last year, Uranowitz saidmultifam- ily can come away virtually unaffected by such a minor bump. “Absorption is healthy and prospective homebuyers are not expected to abandon apartment living anytime soon, particularly within the densely populated, transit-rich hubs along the eastern Pennsyl- vania/New Jersey/New York State corridor,” he said.

GH-MidAtlantic Journal Ad 0317 HP.indd 1

2/28/17 9:23 PM

Made with FlippingBook - Online catalogs