4B — September 2023 — New Jersey — M id A tlantic Real Estate Journal
N ew J ersey
10 Transactions include 740 units across NJ & Philadelphia Corridor Gebroe-Hammer Associates closes out summer with $103.58+ Million in multifamily sales
IVINGSTON, NJ — At the close-of-summer mark, Gebroe-Ham- mer Associates is report- ing total multifamily sales of $103.58+ Million for apartment properties throughout North- ern and Southern New Jersey, including the Philadelphia corridor. Combined, the deals involved 740 units during the 13-week period between June 1st and early September. In keeping with the endur- ing trend where investors focus on urban transit-village and major-metro suburban markets, Gebroe-Hammer’s L
market specialists represented the sellers and/or procured the buyers in the 10 transactions. Sales highlights include the trade of a 126-unit, garden- apartment community with generational ownership in Union County, as well as three separate transactions across Passaic County involving a total of 53 units sold for $9.8M. “Commercial real estate as a whole is an industry in transi- tion, characterized by a post- pandemic market correction and extremely limited credit availabilities associated with historic interest-rate hikes over the course of the past 18+ months,” said Ken Uranowitz, president of Gebroe-Hammer. “While multifamily is not immune to these fundamental shifts, there is less of an impact on current or even long-term asset performance and value appreciation as compared to other asset categories such as office and retail,” he said. “This, along with an inherent function as shelter, gives mul- tifamily its staying power as the most-favorable commercial real estate investment in any given economic cycle.” As a leading single-source investment brokerage services firm with decades-long in- dustry relationships, Gebroe- Hammer represents each client’s unique interests and requirements as well as acqui- sition and disposition needs locally and regionally. The firm also markets mixed-use and freestanding office and retail properties. While serving as each cli- ent’s leading advocate, the firm’s market specialists demonstrate an unrivaled commitment to streamlin- ing the entire sales process, from contract to closing. In addition to serving in a collab- orative capacity as a trusted strategic advisor, Gebroe- Hammer’s brokerage profes- sionals are on the frontlines of thriving and emerging centers of multifamily activity throughout the region, where they also are identifying future opportunities. Since 1975, Gebroe-Ham - mer’s brokerage activities have concentrated on all mul- tifamily types, including class A, B and C high-rise and garden-apartment properties. While initially focusing on NJ, the firm has evolved to include several Northeast corridor submarkets. MAREJ
The deals involved 740 units during the 13-week period between June 1st and early September.
48 Years of Leadership
Specializing in multifamily-focused investment sales while representing
private equity funds & institutional investors as well as generations of family offices & private individuals since 1975. Additional focus on marketing mixed-use & freestanding office & retail properties.
973.994.4500 • WWW.GEBROEHAMMER.COM • 2 W NORTHFIELD ROAD, LIVINGSTON, NJ 07039
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