O wners , D evelopers & M anagers
Mid Atlantic Real Estate Journal — Section B
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McConnell & McCrann represent seller and buyer Marcus & Millichap arranges the $6m sale of a 52-unit apartment building in Montclair, NJ
M
and Kevin McCrann , direc- tors in Marcus & Millichap’s National Multi Housing Group
ONTCLAIR, NJ — Marcus &Millichap Real Estate Invest-
ment Ser- vices , has announc ed the sale of M o n t c l a i r Court Apart- ments, a 52- unit apart- ment prop- erty located
(NMHG), had the listing to market the property on behalf of the seller, BFM Ho l d i ng s . McCo nn e l l andMcCrann also repre-
Tom McConnell
Kevin McCrann
sented the buyer Montclair Court, LLC in this transac- tion. Montclair CourtApartments, is located at 17 High Street in Montclair, in a predominantly residential neighborhood. The property is located in close proximity to public transporta- tion that services NYC, various restaurants andmultiple shops along BloomfieldAvenue. “The purchaser acquired this project in a 1031 exchange” McCrann
in Montclair, NJ, according to Ryan Nee , regional manager of the firm’s New Jersey office. The asset sold for $6,000,000. ThomasMcConnell,CCIM HI-LIGHTS Nov. 22 - Dec. 5, 2013
Montclair Court Apartments securitized loan which needed to be defeased with US govern-
said “It was a challenging as- signment as the seller was in a
ment securities” McConnell added. n
Uranowitz, Pine, and Pomerantz represent both parties Gebroe-Hammer Associates announces $2.5 million multi-family trade in Bergen County
Construction Mgmt. Spotlight
Pomerantz. Grandview Apartments is a three-story brick building fea- turing a mix of spacious studio, one- and two-bedroom apart- ments. The complex includes 12 garages and 12 off-site parking spaces as well as on- site laundry facilities. Tenants enjoy easy access to Routes 80, 17, 46 and the Garden State Parkway. The building is within walking distance of local shopping. “Because of Debbie’s in-depth market knowledge and client- focused approach to each trans- action, she was able to educate this buyer about the benefits of suburban apartment-rental in- vestments, which only comple- ment the buyer’s existing urban portfolio,” said Uranowitz. Legal counsel for the trade was provided by Joseph Bas- ralian, Esq ., of Winne, Ban- ta, Hetherington, Basralian & Kahn, P.C . of Hackensack NJ, on behalf of the seller, and Robert M. Tzall, Esq ., of The Law Offices of Robert M. Tzall of Passaic, for the
HASBROUCK HEIGHTS, NJ — Demonstrating its con- tinued expertise in Bergen County’s multi-family market- place, Gebroe-Hammer As- sociates recently arranged the $2.5 million sale of Grandview Apartments, a 20-unit garden- style community in Hasbrouck Heights. The Gebroe-Hammer brokerage team, including president Ken Uranowitz , se- nior vice president Greg Pine and assistant vice president Debbie Pomerantz , repre- sented the seller and identified the buyer. Situated eight miles from the George Washington Bridge, Grandview Apartments is lo- cated near both NJ Transit train and bus stations. “The combination of low interest rates and aggressive real es- tate pricing is driving demand for multi-family investments. Bergen County continues to be one of the strongest and most desirable markets for these properties, and high occu- pancy rates and well-financed investors are the norm,” said
7-15B
PWC appoints new member to the board of directors
ALSO Glenn Ebersole, P.E........10B Green Buildings........16-21B USGBC NJ........................16B IREM...........................24-25B NJAA................................22B 3B
Grandview Apartments
buyer. The Grandview Apartments sale comes on the heels of the recent $7.65 million sale of 32
multi-family units in Rochelle Park, NJ. Market specialist Pomerantz identified the buyer in this trade as well. n
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