10C — March 27 - April 9, 2020 — The Best of 2019 — M id A tlantic Real Estate Journal
www.marej.com
JLL Liberty Towers Jersey City, NJ The LARGEST MULTIFAMILY SALE of 2019 Gebroe-Hammer Associates North Jersey Metro Portfolio Essex & Bergen Counties, NJ Greysteel Elsinore Courtyard and Fitch Apartments
Elsinore Courtyard
Forest Hill Properties, Bloomfield, NJ
Location: Washington, D.C. Brokers: Ari Firoozabadi, W. Kyle Tangney, Herbert Schwat, Christian Alves, Dutch Seitz Greysteel President & CEO, Ari Firoozabadi; Managing Director, W. Kyle Tangney; Director, Herbert Schwat; Senior Investment Associate, Christian Alves; and Invest- ment Associate, Dutch Seitz arranged the receivership sale of Elsinore Courtyard and Fitch Apartments, a 227- unit multifamily portfolio in Southeast Washington, D.C. They sold the Property on behalf of the receiver, E & G Group, and solely procured the Buyer. The Properties sold for $21,750,000. “There were a lot of moving parts to this transaction con- sidering the nature of the receivership sale and the number of parties involved with the transaction,” said Managing Director, W. Kyle Tangney. “It was our pleasure to have leveraged our experience on behalf of the receiver as an expert in both the market and special asset services in a potentially complicated sale.”
Size: 1,831 units Brokers: Ken Uranowitz, President, & Joseph Brecher, Executive Managing Director, engineered the sale with team members Executive Vice President Greg Pine & Senior Vice President Debbie Pomerantz As the largest New Jersey Portfolio Sale of 2019, this 1.12 MSF, 134-building package spanned New Jersey’s high-barrier-to-entry West Essex and Bergen County sub- markets, just a few miles from Midtown Manhattan. Each apartment-home community offers walkable proximity to transit as well as a short distance to upscale retail, dining and cultural attractions. In terms of unit mix, the histori- cally stabilized, well-occupied portfolio featured market- unique floorplans of studios to two-bedroom duplexes. Gebroe-Hammer Associates exclusively represented the seller, a private unnamed investor, and procured the buyer, a NYC-based real estate investment company drawn to the portfolio’s grand-scale value-add potential.
Kevin O’Hearn
Jose Cruz
Michael Oliver Steven Simonelli
Size: 648 Units Brokers: JLL’s Jose Cruz, Kevin O’Hearn, Michael Oliver and Steven Simonelli Sale of a two-tower, 648-unit multi-housing property lo- cated at 33 Hudson Street in Jersey City, New Jersey.
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