4-29-16

Real Estate Journal — Owners, Developers & Managers — April 29 - May 12, 2016 — 5B

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M id A tlantic

O wners , D evelopers & M anagers For-sale product scarce throughout stabilized, in-demand submarkets Gebroe-Hammer Associates scores four sales totaling 126 Units in Elizabeth and Sparta, NJ

LIZABETH/SPAR- TA, NJ — In the sta- bilized multi-family investment submarkets of Elizabeth and Sparta, where for-sale product is in ex- tremely limited supply, Ge- broe-Hammer Associates has completed four separate trades involving a total of 126 units. Senior VP Stephen Tragash , who specializes in Union County’s urban mar- kets as well as the forested bedroom communities of Sus- sex County, spearheaded each of the transactions. “New Jersey’s ‘lifestyle mar- kets,” where residents, ten- ants and visitors can live, work and enjoy recreational activities, have captivated the heightened attention of multi- family investors whether they are in urban or key rural locales,” said Tragash. “While the Union and Sussex county submarkets are at the opposite ends of the spectrum in terms of architectural landscape, they both have had significant population increases feeding demand for the new normal of rental living.” In Elizabeth’s highly-desir- able Elmora neighborhood, Tragash represented the sell- ers and identified the buyers of 209-215 Rahway Ave., and 13-25 Stiles St. Combined, the 24-unit complexes were sold for $4.25 million and each is located in close proximity to some of the city’s best restau- rants, shops and boutiques. The revitalized neighborhood also houses Elizabeth’s most luxurious high-rise building complexes and offers NYC skyline views. T r a g a s h and Debb i e Pomerantz , VP, also ar- ranged the $3.075 million sale of 416-424 and 430-436 East Jersey St., near the New Point Road district. Located less than a mile from the Elizabeth city center, the three-story buildings totaling 44 units are within a very short walk to restaurants, coffee shops, shopping and schools. Lo- cal retailers include ALDI, ShopRite, Dunkin Donuts, Starbucks and Walmart. “Like many of its urban counterparts, 65% of Eliza- beth’s population are renters, an important pipeline for the city’s historically solid apartment-rental occupancy rates,” said Tragash. “Eliza- beth’s strong, working-class tenancy, high foot traffic and E

vibrant neighborhoods have investors thirsty for value- add investment opportunities throughout NJ’s fourth largest city.” 45 miles to the northwest in Sparta, in picturesque Sussex County, Tragash teamed up with sales associate Adam Zweibel to arrange the $4.45 million sale of Seasons at Sparta, located at 84 Sparta Dr. The 55+ active-adult com- plex, which includes a mix of studio and one and two bed- room units, was acquired by the seller in 2012 in a trade arranged by Tragash.

Built in 2002, the sprawl- ing community is strategi- cally situated adjacent to the Sparta Township Senior Cen- ter. Shopping, restaurants, churches, parks and medical facilities are all within a short walking distance. “Seasons at Sparta offers high-caliber rental-living op- tions, amenities and prox- imity to a full spectrum of lifestyle services that set the benchmark for the area when it was built,” said Tragash. “The buyer plans to implement new programming in order to enhance occupancy rates.” n

25 Stiles St., Elizabeth

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