6B — December 14 -27, 2018— Northern New Jersey — M id A tlantic
Real Estate Journal
N orthern N ew J ersey
Properties run the full gamut of value-add to new construction Gebroe-Hammer Associates arranges $17.3m in multi-family sales in the city of Plainfield, NJ P nections to Newark Penn and NY Penn Stations. benchmark for the Queen City.
LAINFIELD, NJ — In the high-popula- tion-density City of Plainfield, where apartment renters outpace homeowners and multi-family investment interest is soaring, Gebroe- Hammer Associates has ar- ranged three separate trans- actions totaling 144 units sold for a combined $17.3 million. Vice president Adam Zweibel spearheaded each of the sales where the firm represented the sellers and procured the buyers, includ- ing one that established a new all-time-high per-unit-price
The sale of Netherwood Pointe, a newly constructed 25-unit apartment home com- munity located at 916-926 South Ave., closed for $5.3 million – setting a new price- per-unit standard of $212,000. Built in 2014, the upscale three-story property features an array of amenities such as granite countertops, balconies and patios and in-unit wash- ers and dryers. Netherwood Station is just a three-minute walk and offers service on the Raritan Valley Line with con-
“The seller of Netherwood Pointe, who was the original developer, felt the timing of this sale was ideal – given the undersupply of for-sale inven- tory in a submarket where an influx of buyers see room for additional value and rent ap- preciation – as Plainfield’s re- naissance gains even greater momentum,” said Zweibel. “The city’s multi-family sub- market is appreciating at a tremendous pace due to the strength of apartment-rental fundamentals, a lack of rent control and easy rail and bus service access to NYC.” Gebroe-Hammer also ar- ranged the $5.65 million bulk sale of 42 fractured condo- minium units at 400 E. Front St., in the city. According to Zweibel, this type of transac- tion is often challenging to close due to the complicated nature of financing individual units that comprise two-thirds of the entire building. Origi- nally built in 2009, The Mon- arch has a total of 63 units. “As the multi-family market continues its healthy pace, investors are giving these types of transactions a great deal of consideration and ag- gressively bidding by employ- ing a minimal-to-moderate value-add strategy,” he said. Like Netherwood Pointe, The Monarch Apartments is a three-minute walk to rail ser- vice. Plainfield Station serves this neighborhood. During the summer, Ge- broe-Hammer’s Zweibel and vice president Gehane Tri- arsi also arranged the $6.4 million sale of 57 units in Plainfield’s Randolph Rd./ Park Ave. neighborhood. The four-property portfolio had been acquired by the seller two-and-a-half years ago in a deal orchestrated by Gebroe- Hammer. “Because of Plain- field’s rapid property appre- ciation, the owner was able to sell the East 7th St. and Park Ave. properties at a +50% ap- preciation rate,” said Zweibel. Since 1975, Gebroe-Ham- mer’s brokerage activities have concentrated on all multi-family types including Class A, B and C high-rise and garden-apartment properties. The firm’s client base includes private family offices and owners, REITs, private equity funds and other institutional investors.
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