12B — April 10 - 23, 2015 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey
Multi-family market shows strongest levels in years Gebroe-Hammer brokers 60 multi-family units inPlainfield P LAINFIELD, NJ —In the Plainfield/Union County, NJ, multi-fam-
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ily market, rent growth and occupancy rates are at their strongest levels in years, ac- cording to the brokerage profes- sionals at Gebroe-Hammer Associates , which recently arranged two trades involving a total of 60 units. Gehane Triarsi , area market special- ist, reports both buyers plan to render the properties more competitive in a city that had its highest-ever recorded popu- lation increase between the 2000 and 2010 census period. “Once considered a ‘bedroom
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315 W. 8th St.
suburb’ of New York City, Plainfield has evolved into an urban center of diverse in- dustries and residential living options, the most preferred of which is mortgage-and-main- tenance-free apartment-rental living,” said Triarsi, who spe- cializes in representing private individuals, REITS, private equity firms and other insti- tutional investors throughout Union County, NJ. “Among the variables that contribute toward investment and tenant demand within Plainfield are its Raritan Valley location, mass transit links and historic character.” Triarsi, along with senior vice president Nicholas Nico- laou , arranged the $3.1 mil- lion sale of 33 units at 815-825 Central Ave., in the first of two recent Plainfield trades brokered by the firm. The three-story elevator building features a unique mix of two, three- and four-and-a-half room layouts. Recent upgrades completed by the seller include a new roof and windows. Nearby, at 315 W. 8th St., Triarsi represented the seller and senior vice president Ste- phen Tragash procured the buyer of 27 units sold for $2.2 million. Comprised of 21 studio and six one-bedroom units, the two-and-a-half story property includes an all-brick façade representative of the surrounding area’s character. “Each of the buyers recog- nized the opportunity to repo- sition these properties, given current demand and rental trends,” said Triarsi. Bordered by nine munici- palities, Plainfield is on the southwestern edge of Union County, NJ. The city offers ac- cess to two NJ Transit rail sta- tions, bus service to Midtown Manhattan, Newark and local destinations. n
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Dominance: “...most in uential, having a commanding position.” (Webster’s) New Jersey’s dominant brokerage rm specializing in the sale of multi-family, retail, and commercial investment properties for private investors, REITS, and other institutional clients.
EPIC 2014 105 Deals 7,200+ Units Sold
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