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IVINGSTON, NJ — The apartment market revealed its impressive L Firmarranges 65 deals to date on behalf of institutional investors & private individuals Gebroe-Hammer tops competitors with 5,675 units sold for $820+M inQ1 &Q2 2019

ISSUE HIGHLIGHTS Volume 31, Issue 14 July 26 - August 8, 2019

cash for a down payment on a single-family home purchase,” he added. “This leaves no other housing alternative other than apartment rentals. And, we can add into this tenant pipeline an aging Baby Boomer and empty-nester population that no longer wants the burden of shoveling snow, paying high real estate taxes, or incurring other related housing costs that are otherwise eliminated in an apartment-rental lifestyle.” Occupancy & Rent Appreciation Outlooks Highly Favorable According to Reis, the de- livery of new construction product is expected to diminish significantly in 2020 and 2021, during which time apartment occupancies and rent-growth will accelerate. “Historically, whenever new-product deliver- ies slow down tenant demand trends up and vacancies drop,” added Uranowitz, who has been with Gebroe-Hammer since its inception 44 years ago. Based on these projections,

to southeast Pennsylvania and southern New York State. In addition, Gebroe-Hammer markets mixed-use and free- standing office and retail prop- erties and represents client interests nationwide. “These benchmarks indicate a Gebroe-Hammer transac- tion increase of approximately 6 percentage points over the same time period last year – signaling that the investor confidence index remains very high as brand new apartment- property deliveries top off this year and apartment-funda- mental pressure eases,” said Ken Uranowitz , president of Gebroe-Hammer. “In turn, these conditions will only feed rent growth and property ap- preciation over the next five to 10 years and beyond, based on forecasted demographic patterns. “Furthermore, affordability issues remain for the foresee- able future in the millennial population saddled with college debt and/or a lack of expendable

Uranowitz points to extremely healthy demand within the Class-A luxury to value-add property space, where the in- vestment attraction is rooted in implementation of minimal-to- extensive capital improvements to realize significant property repositioning. “Investors are targeting the full spectrum of apartment buildings, regard- less of vintage, tenant demo- graphic or locale, from transit- rich cities to commuter-friendly suburban-bedroom communi- ties,” he said. “With the recent passing of onerous rent control legisla- tion in New York, we expect to see an onslaught of investor demand in New Jersey shifting fromacross the Hudson River to out-commuter-dense submar- kets. In turn, this will create an even wider delta where there is an already constrained de- mand/supply imbalance, which will intensify pricing pressure and deepen cap-rate compres- sion,” said Uranowitz. continued on page 3A The building, located on 51.49 acres, was originally built in 1998 with a ware- house expansion added in 2003. The building features 28 trailer parking positions, 413 car parking stalls, 41 dock doors, two drive-in doors and a 36-foot clear height in the warehouse addition, making it well-suited for ecommerce operations. “This new acquisition fits well with Dermody Properties’ strategy to procure logistics real estate in key markets across the nation,” said Doug- las Kiersey, Jr. , president of Dermody Properties. “The asset provides an opportunity for our customers to grow their logistics network in one of the tightest submarkets in the country.” Mindy Lissner and Steven Beyda of CBRE are the ex- clusive listing agents for this property. 

SPOTLIGHTS

buoyancy in the first half of 2019, dur- i n g wh i c h time nation- ally ranked investment b r o k e r a g e firm Gebroe- Hammer As-

Section C BROKERAGE DIRECTORY

Ken Uranowitz

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sociates is reporting $820+M in multi-family sales encompass- ing 5,675 units year-to-date at the close of Q2. As it did in 2018, the Livingston-based firm is outpacing its competi- tive set nationally and region- ally with 65 deals arranged on behalf of a diverse client base of private individuals, private equity firms and institutional investors. While focusing on suburban garden-apartment and urban mid- and high-rise properties, Gebroe-Hammer’s geographic areas of concentration are cen- tered in New Jersey and extend

UPCOMING CONFERENCES September 24, 2019 6 th Annual NJ Apartment & Multifamily Conference September 25, 2019 Pennsylvania Apartment & Multifamily Conference November 1, 2019 5 th Annual NJ CRE Leadership Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com

Dermody Properties acquires prime logistics real estate in East Windsor, New Jersey

EAST WINDSOR, NJ — Dermody Properties , a national private equity real estate investment, develop- ment and management com- pany focused exclusively on the logistics real estate sec- tor, has acquired a logistics building at 150 Milford Rd.

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150 Milford Rd.

in East Windsor. The project has 615,000 square feet cur- rently available for lease that will be ready for occupancy by 2020 after Dermody Properties completes building upgrades. The building is less than a mile away from the New Jersey Tpke. and Rte. 33 and boasts an abundant nearby labor pool. It is centrally lo- cated and within 45 miles of

Newark Liberty International Airport, Port Newark and Port Elizabeth. “This location provides di- rect access to Exit 8 of the New Jersey Tpke.,” said Eugene Preston , East Region Partner for Dermody Properties. “The building represents one of the largest blocks of available space in the Central New Jer- sey industrial market.”

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