4B — June 18 - July 22, 2021 — Northern New Jersey — M id A tlantic Real Estate Journal


N orthern NJ

21 deals/1,598 units span Northern, Central and Southern New Jersey Metros Gebroe-Hammer Associates finalizes $269+M in NJmultifamily investment sales over twomonths

IVINGSTON, NJ — Overall multifamily- investment trading ve- locity is surging throughout the entire state of New Jersey, where Gebroe-Hammer As- sociates has finalized 21 deals involving 1,598 units during the latest two-month time pe- riod. In total, the $269+M in sales spanned 11 New Jersey counties, from Sussex to Bur- lington counties. “This phenomenon is pow- ered by restored confidence among renters, apartment- property owners and investors and the fact that multifamily L

investments proved their re- silience with limited exposure in the COVID economy,” said Ken Uranowitz , the firm’s president. “Widespread vacci- nation initiatives, the relaxing of COVID-related guidelines and an improved employment outlook have yielded greater clarity for multifamily inves- tors and the economic recovery as a whole.” Because New Jersey’s econ- omy is extremely diverse, the state has fared much better than other metros nationwide. “With solid fundamentals and population demograph- ics, projections indicate these

multifamily assets have the capability to reach the highs of 2019 within the next 12 to 18 months,” said Uranowitz. Overall, New Jersey’s apart- ment-housing stock is com- prised of more than 479,490 units, according to Reis. This includes a high concentration of mid-to-late 20th Century vintages across the Northern New Jersey, Central New Jer- sey and Southwest New Jersey metros. Gebroe-Hammer’s 21 property sales were dispersed statewide throughout the Plainfield/Roselle/Elizabeth corridor, Trenton/Hamilton Township/Ewing corridor, Jersey Shore Region and The Oranges/West Essex corridor. Other municipalities included Paterson, Passaic and Sparta. In terms of counties with the highest annual effective rent- growth, Reis reports Union, Passaic, Somerset, Ocean and Camden led the pack in 2020. “This level of rent growth has had carryover into 2021 and positive influences on sur- rounding counties as well,” said Uranowitz. Deeply entrenched within New Jersey’s urban, suburban and tertiary markets, Gebroe- Hammer’s market specialists report a wide range of acqui- sition prerequisites among investors. These include newly constructed multifamily prop- erties, value-add assets and workforce housing. “Inflation, interest rates and taxation uncertainties are accelerating deal flow and historic record demand for any and all multifamily asset classes, the likes of which I haven’t witnessed in over 46 years in the business,“ said Uranowitz. Since 1975, Gebroe-Ham - mer’s brokerage activities have concentrated on all mul- tifamily types including Class A, B and C high-rise and garden-apartment properties. While initially focusing on New Jersey, the Livingston, N.J.-based firm has evolved during the past 46 years to also dominate Eastern Penn- sylvania and the New York State submarkets as well as represent client interests nationally. Widely recognized for its consistent sales per- formance, the firm recorded the largest multifamily sale of 2020 with the highest per- unit price in the MidAtlantic Region and is a 17-time CoStar Power Broker. MAREJ

Gebroe-Hammer sells Northern NJ garden apartment complex

MultifaMily firM of ChoiCe

The dominant apartment- focused investment sales brokerage leader in NJ/ Eastern PA/NY State Representing Private Equity Funds, REITs and Institutional Investors as well as generations of Private Individuals and Family Offices. Additional focus on marketing mixed-use and free-standing office and retail properties.


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