6B — September 15 - 28, 2017 — Northern New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N orthern N ew J ersey Gebroe-Hammer Associates
Latest Newark multi-family sales spurred by delivery of high-profile restorations and developments
ewark, NJ — New- ark multi-family sales are mirroring the city’s overall rebirth with value-add and “as-is” property acquisition opportunities raising renewed investor interest, according to the brokerage professionals at Gebroe-Hammer Associates. David Jarvis, executive vice president and the firm’s New- ark/urban market specialist, recently closed three separate transactions involving a total of four buildings and 113 units. The properties are located in the Forest Hill and Upper and Lower Roseville neighborhoods, bringing the firm’s latest New- N
at 158-160 Second Ave., located at the corner of Highland and Second Ave. just one block from Branch Brook Park. A northern neighborhood, Forest Hill’s residential stock is domi- nated by Victorian, colonial-era and Gothic-style single-family homes with very few apartment buildings, which is what at- tracted the buyer. “Considered an urban suburb, Forest Hill offers the best of both worlds – it is quaint and quiet, yet very walkable and bikeable with very good transit access,” said Jarvis, who exclusively repre- sented the seller and procured the buyer.
Approximately two miles away, Jarvis also closed the sales of 385-391 and 467-479 Roseville Ave., as well as 66 N. 9th St. within a one-week peri- od. He exclusively represented the seller in both trades and procured the buyer of the Ros- eville Ave. assets. Managing Director David Oropeza iden- tified the buyer of the N. 9th St. property. The three-story properties sold for a combined $6.53 million and offer future rent growth potential associat- ed with the implementation of modest capital improvements. “Multi-family deal flow is intensifying citywide following
the successful revitalization of the Hahne’s Building, a high- profile multi-million dollar mixed-use project. Its delivery to market earlier this year symbolizes progress and that the city is truly coming into its own,” said Jarvis. “This devel- opment pays tribute to New- ark’s past and its future, which is why it has attracted anchor tenants like Whole Foods and Barnes &Noble – both of which have a target consumer base that fits today’s urban, mass transit-demanding renter de- mographic.” According to Jarvis, multi- family dominates Newark’s housing landscape, accounting for 81% of the city’s building stock. Approximately 79% of the city’s residents are renters. “The rollout of plans for the 22-acre redevelopment known as Mulberry Commons, which will connect downtown to the Ironbound section, carries more weight now that once-proposed projects have actually moved from the drawing board phase to reality,” he said. Roseville, which is ranked among Newark’s top-10 most expensive neighborhoods on NeighborhoodScout.com, has abundant transit options just north of downtown. The Park Ave., Bloomfield Ave., Daven- port Ave. and Orange St. city subway lines are within a mile and Branch Brook Park, estab- lished restaurants, shops and lifestyle services are nearby. “This is one of the hottest neighborhoods right now be- cause it appeals to the Gen X, echo boomer and millen- nial tenant base spanning the ages of 25 to 54,” said Jarvis who, along with Senior Vice President Nicholas Nicolaou, also represented the seller and procured the buyer for an additional 50 units at 328-330 and 336 Roseville Ave.. “About half of the population falls into this age group, which also hap- pens to be the backbone of the workforce.” In addition, the Jarvis/Nico- laou team collaborated on the sale of 23 units sold for $1.55 million at 104 Montclair Ave., while Jarvis orchestrated the sale of 17 units at 48 Carteret St. to kick off Gebroe-Hammer’s latest flurry of Newark multi- family sales. “Although Newark has been somewhat slow in getting sev- eral development projects from the planning to the opening continued on page 8B
158-160 Second Ave.
ark sales totals to 267 units. The most recent transaction involved the trade of 18 units
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