M id A tlantic Real Estate Journal — New Jersey — November 13 - December 10, 2020 — 3B N ew J ersey


29 buildings span New Jersey’s North, Central and Southern Metros Gebroe-Hammer Associates markets 406-unit multifamily portfolio in receivership

IVINGSTON, NJ — Gebroe-Hammer As- sociates has been ap- pointed as the exclusive listing agent to market the in-receiv- ership Garden State Portfolio, a 406-unit, 29-building collec- tion of apartment properties spanning the entire state of New Jersey. Executive manag- ing director Joseph Brecher is spearheading the assign- ment, which was awarded by Colliers International as receiver. Comp r i s ed o f ga r den - style and low-rise buildings throughout well-established and emerging municipalities statewide, the underperform- ing properties are being mar- keted in an open-bid process collectively, as smaller pack- ages and individually. The assets are located across the in-demand submarkets of Ber- gen, Passaic, Hudson, Union, Middlesex, Camden, Atlantic and Salem counties, all of which are along the coveted NewYork City-to-Philadelphia corridor. “The Garden State Portfolio presents intrinsic value-add and repositioning components, as well as the benefit of econo- mies of scale associated with a property package of this categoric size and geographic scope,” said Brecher. “Because of its potential to realize tre- mendous untapped upside, this offering targets investors concentrated on multifamily assets with at-market renova- tion and stabilization potential and an ability to capture high- er rent-premiumbenchmarks.” As part of two densely popu- lated Northeast MSAs – New York City and Philadelphia – New Jersey’s multifamily housing stock has proven its long-term resiliency in every type of economic cycle. This is due to the state’s dynamic local, regional and metro-level lifestyle offerings; exceptional transit and major-highway connectivity; and diverse econ- omy, which includes blue-chip employers, Fortune-500 com- panies and centers of aca- demia. “In general, New Jersey is classified as a suburb of New York City and Philadelphia, yet it has its own urban cen- ters, semi-urban municipali- ties and bedroom-community towns – all of which make up the Garden State Portfolio,” said Brecher. In total, the portfolio prop- L

stitutional investors, private equity funds, REITs, family offices and private individu- als. While initially focused on New Jersey, the Livingston, N.J.-based firm has evolved to also dominate the Eastern Pennsylvania and New York State submarkets as well as represent client interests nationally. Widely recognized for its consistent sales perfor- mance, the firm is a 16-time CoStar Power Broker and is credited with arranging the largest portfolio sale in 2019 for the MidAtlantic Region and in New Jersey. MAREJ

erties are located across 11 boroughs, villages, towns and cities. These include Ridge- field Park (15 units), Garfield (34 units), Clifton (14 units), Union City and Guttenberg (67 units), Jersey City (12 units), Elizabeth (66 units), Perth Amboy (17 units), Atlan- tic City (51 units), Brooklawn (54 units) and Pennsville (76 units). For 45 years, Gebroe-Ham- mer’s brokerage activities have concentrated on al l multifamily types to serve the investment needs of a long-term client base of in-

12 Meadow Rd., in Pennsville, NJ, is part of the portfolio.

GH-MAREJ Sales Ad 1020 HP v2.indd 1

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