M id A tlantic Real Estate Journal — Owners, Developers & Managers — October 30 - November 12, 2020 — 5B
www.marej.com
O wners , D evelopers & M anagers
Monmouth-to-Burlington County corridor hums with multifamily investment interest Gebroe-Hammer Associates records $114.55M in two-county sales since start of year
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which connects via CR 537 in North Hanover Township in Burlington County and Upper Freehold in Town- ship in Monmouth County, commercial development has become a focal point thanks to extremely heavy high- way volume traveling to and from major employment cen- ters – from Philadelphia and Trenton-Hamilton-Ewing to Monmouth and Middlesex counties,” said Zweibel, who is credited with arranging the $6.2M sale of 46 additional multifamily units in July and was involved in the sale of an unnamed 290+ unit
garden-apartment community in September. Both were in Monmouth County. In Burlington County, Her- skowitz also was part of the Gebroe-Hammer teamarrang- ing the Q1 sale of an unnamed 200+ unit, 1970s-era garden- style apartment community as well as Q2 transactions involving 500+ units in Cam- den County and 300+ units in Mercer County. He also is credited with exclusively representing the seller and procuring the buyer in the $4.3M trade of 46 units at 198 White Horse Pike in Camden County’s Collingswood. MAREJ
ONMOUTH/BUR- LINGTON COUN- TY, NJ — Known
as one of New Jersey’s fast- est growing and rapidly de- veloping transit gateways, the I-195/I-295 Monmouth- Burlington County corridor is buzzing with multifamily investment interest and an ever-expanding tenant pipe- line, according to the market specialists at Gebroe-Ham- mer Associates . Since the start of the year, the firm has arranged five deals across these two counties consisting of 668 units valued in excess of $114.55M. Key recent sales highlights include trades involving 66 units at Palmyra Arms, 50 W. Broad St., in Palmyra and 42 units at Holly House Apartments, 100 Drury Ln., in Asbury Park. These trans- actions, which total $11.8M and extend from the banks of the Delaware River to the Atlantic Coast, were arranged by the brokerage team of Eli Herskowitz , sales represen- tative, and Joseph Brecher , executive managing director, (Palmyra Arms) as well as senior vice president Adam Zweibel (Holly House). In each, the firm exclusively rep - resented the separate sellers and procured the respective buyers. Since April, both Herskow- itz and Zweibel have been en- gaged by property owners and investors alike throughout this Central-Southwest New Jersey span. Both counties also have gained renewed pop- ularity among city-dwellers seeking alternative rental- living options. “Apartment rentals in this out-commuter region have tenants competing for avail- able units in a manner once associated with single-family homebuying,” explained Her- skowitz. “More and more rent- ers are getting pre-qualified so they can move quickly once a unit becomes available and sign off on a one-year or more lease term, which has become the norm.” According to Zweibel, the I-195/I-295 corridor and its surrounding state, county and local roadway network have been a catalyst for new com- mercial development in recent years. As a result, the stage had been set pre-pandemic for attracting an influx of tenants. “While this has long been an important regional corridor,
Palmyra Arms
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