4B — February 22 - March 14, 2019 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marejournal.com
O wners , D evelopers & M anagers Properties span Union City, Bergenfield and Lodi Latest Gebroe-Hammer North Jersey portfolio sale: $75 million/487 units
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was a private investor. “This portfolio posed an extremely diverse architec- tural, building and tenant demographic mix, from urban mid-rises within one of Hud- son’s County’s most vibrant waterfront municipalities to low-rise and garden-style communities situated in the heart of commuter-friendly suburban towns – all just 13 miles apart and within a short distance to New York City,” said Nicolaou. “Collectively and as individual properties, each poses an exceptional ac- quisition for the buyer.”
According to Nicolaou, the mix of one-, two-, three- and four-bedroom and duplex units feature a wide range of flexible layouts comple- mented by three ground-floor retail units, as well as on-site parking, garages and storage at certain locations. “Com- bined, the portfolio has the potential to yield market-rate rent appreciation as well as additional value-add associ- ated with implementation of modest-to-extensive capital improvements,” he said. Located at the western entry point to the Lincoln Tunnel,
offering closer access to New York City thanmany of its own boroughs, Union City has 18 unique-in-character constitu- ent neighborhoods that span 1.3miles. The well-maintained classic Union City apartment buildings are comprised of 419 total units, of which 196 are one-bedroom, 175 are two-bed- room – the most in-demand for the greater submarket – and 40 and 5 market-unique three- and four-bedroom layouts, respectively. The remaining three units are all ground-floor retail. Each apartment asset is
in close proximity to iconic shopping districts, premier cultural centers and recre- ation venues and a multitude of convenient mass tran- sit links. They are located along New York, Bergenline, Palisade, Park and Central Avenues; West Street; and 5th, 6th, 8th, 11th and 42nd Streets. North of Hudson County, Nicolaou and executive vice president Greg Pine represent- ed the same seller and buyer in the sale of the portfolio’s Central Bergen County prop- erties. The three apartment- home communities feature 68 total units located in the high- barrier-to-entry municipalities of Lodi and Bergenfield, NJ. Situated just 10 miles apart, the Central Bergen properties front Murray Hill Terrace and East Clinton Ave. in Bergen- field and South Main St. in Lodi. Rounding out the one- and two-bedroom layout mix of these high-visibility, histori- cally stabilized communities is a free-standing house and three street-level commercial units. “Each of these properties appeal to the area’s diverse tenant base, which ranges from hard-working families to established, highly educated business executives,” said Nicolaou. “Enhancing this por- tion of the portfolio’s appeal is its central locale within a well- established transit-friendly residential corridor and repo- sitioning potential associated with area development.” Ranked among the na- tion’s top multi-family firms for 2018, Gebroe-Hammer serves a client roster that includes private family of- fices and owners, REITs, private equity funds and other institutional investors. In addition to suburban and urban apartment buildings, the firm markets mixed-use and free-standing office and retail properties. 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 proper- ties. While initially focusing on New Jersey, the firm has evolved during the past 44 years to also dominate the northeastern Pennsylvania and New York State sub- markets as well as represent client interests nationally.
UDSON & BER- GEN COUNTY, NJ — In the latest Ge-
broe-Hammer Associates - arranged North Jersey Metro multi-family portfolio sale, the firm’s executive vice president Nicholas Nicolaou orchestrat- ed a $75 million trade of 487 units spanning Hudson and Bergen counties. The 18 build- ings were located throughout Union City as well as Bergen- field and Lodi, all of which are situated within some of the na- tion’s most densely populated areas. The seller was Madison Hill Properties and the buyer
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