2B — August 2023 — New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N ew J ersey
Tragash represented the seller and procured the buyer Gebroe-Hammer inks family- owned multifamily asset
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Chilton Hall,” said Tragash. “Generally speaking, pre-1970s era multifamily product across the Union County submarket has a 97+% occupancy rate. For this reason, investment demand for quality, existing product is still outpacing supply of for-sale multifamily properties. This is even more pronounced across high-population-density transit centers like Elizabeth.” A prominent fixture within a tree-lined residential neigh- borhood standing at 21 build- ings across approximately four acres, Chilton Hall Apart- ments offers a mix of one-
bedroom (60 units) and two- bedroom (66 units) floorplans. It is steps from six NJ Transit bus routes and minutes (0.4 mi.) from Elizabeth Station, of- fering North Jersey Coast Line service. Union County College is two blocks away while Kean University is 1.4 miles from the property. This level of access is comple- mented by an extensive road- way network. Local, regional and interstate highways in- clude the New Jersey Turnpike (I-95), Garden State Parkway, I-78, I-278, U.S. Route 1/9, U.S. Route 22, Route 24, Route 27, Route 28, Route 35, Route 82, Route 124 and Route 439. According to Tragash, the firm’s Union County and Eliza- beth market specialist, within the next 18 months 2,770+ market-rate rental units are expected to come online across the entire Union County sub- market as a whole. “Not only does this register about 12% of the new construc- tion being introduced to North- ern New Jersey, it also bodes well for existing apartment buildings, which are poised for repositioning to appeal to today’s ever-growing tenant cohort of young professionals and managers.” Since 1975, Gebroe-Ham- mer’s brokerage activities have concentrated on all multifamily types including class A, B and C high-rise and garden-apart- ment properties. While initially focusing on New Jersey, the Liv- ingston-based firm has evolved during the past 48 years to also dominate Eastern PA and New York State submarkets as well as represent client interests nationally. MAREJ
LIZABETH, NJ — Gebroe-Hammer As- sociates has arranged
the sale of a 126-unit, garden- apartment community with generational ownership of 40+ years in Union County, N.J.’s City of Elizabeth. Executive VP Stephen Tragash exclusively represented the seller and pro- cured the buyer, a long-time client of the firm, in the trade of Chilton Hall Apartments in the city’s downtown section. “Long-time ownership dis- positions are pretty unique and stand out even more when they are as well maintained as
NJPA
a section of the MARE Journal Phone: 781-740-2900 www.marej.com
48 Years of Leadership
Specializing in multifamily-focused investment sales while representing
S ection P ublishers Linda Christman lchristman@marejournal.com
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.
Lea Christman lea@marejournal.com
S ection E ditor Karen Vachon editor@marejournal.com
973.994.4500 • WWW.GEBROEHAMMER.COM • 2 W NORTHFIELD ROAD, LIVINGSTON, NJ 07039
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