4B — October 30 - November 12, 2015 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
O wners , D evelopers &M anagers Apartment rentals mirroring urban hotbed activity Gebroe-Hammer reports on Bergen/Passaic multifamily
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IVINGSTON, NJ — Pent up demand for multi-family invest- ments and apartment rentals in Bergen and Passaic coun- ties is mirroring activity of rival urban hotbeds in terms of net absorption and effec- tive rents, according to the brokerage professionals at Gebroe-Hammer Associ- ates . The Livingston-based investment brokerage firm, which recently arranged two separate sales totaling 79 units in Hackensack and Pas- saic, reports a new urbanism is sweeping suburbia and L
of multi-family sales involv- ing existing low-, mid- and hi-rise complexes and garden- apartment communities as well as new construction starts,” said Greg Pine , ex- ecutive vice president, whose focus is Bergen County and its secondary markets. “While these three markets are very similar in terms of occupan- cy rates of 97+%, increased sales volume and property appreciation and falling cap rates, suburban hubs are now embracing a ‘transit village’ approach that benefits new and existing properties across the board.” “Bergen and Passaic have not seen any sort of boom in apartment-building construc- tion since the post-World War II era,” he said. “Today’s pref- erence for apartment living has prompted many munici- palities – from Fair Lawn to Hackensack to Fort Lee and Wood-Ridge – to rethink their past zoning requirements and adjust their master plan to incorporate residential living near downtown shopping dis- tricts and train stations. This strategy has proven effective in retaining and attracting residents who are seeking an easy commute and walkable, urban-like lifestyle.” One such municipality un- dergoing a philosophical shift is Hackensack, where the brokerage team of Pine and Nicholas Nicolaou , senior vice president, recently ar- ranged the $5.1 million sale of a 47-unit, four-story elevator building at 40-46 Anderson St. totaling 24,850 s/f. Similar trends are sweep- ing Passaic County, where Hawthorne and Little Falls are both exploring the transit village concept. In munici- palities like Passaic, multi- family properties near the Passaic Rail Station remain at the forefront of investment demand, according to Deb- bie Pomerantz , Gebroe- Hammer’s vice president who recently arranged the sale of 32 units at 156-164 Gregory Ave. The delivery of new multi- family product to Bergen and Passaic County is not expect- ed to weaken performance of existing properties or dilute the tenant base. “During the past four years, the impact of new product on vacancy rates has been non-existent,” added Pomerantz. “ n
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40-46 Anderson St.
gaining greater momentum. “Bergen and Passaic County rival Hudson County for the state’s highest concentration
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