Real Estate Journal — February 27 - March 12, 2015 — 5A
M id A tlantic
M id A tlantic R eal E state J ournal Two recent trades involving a total of 168 units Gebroe-Hammer inks $36m sale of a two building complex R AHWAY, NJ — The newly revitalized City of Rahway, NJ, con-
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tinues its multi-family invest- ment renaissance with two recent trades involving a total of 168 luxury and duplex-style apartment-rental units. The brokerage professionals at Gebroe-Hammer Associ- ates represented both sellers and buyers in the sales of River Place at Rahway and Alden Apartments. The team of managing di- rector Joseph Brecher and sales representative Gehane Triarsi represented the own- er, while president Ken Ura- nowitz procured the buyer in the $36 million sale of River Place, a two-building complex located at 190 Lewis St., on the Rahway River. Built in 2005, the commu- nity’s 60 one-bedroom and 76 two-bedroom units include ce- ramic tile kitchens and baths; nine-foot ceiling heights; full- sized washers and dryers; fully equipped kitchens; and private balconies. An on-site fitness center, media room, outdoor courtyard, parking and attached garages are among the amenities. Brecher last sold the luxury apartment
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community in 2011 in one of central New Jersey’s largest multi-family transactions that year. “The buyer recognized sig- nificant upside potential as the city’s downtown district continues to mature and tran- sition to one of the state’s pre- mier cultural and entertain- ment hubs,” said Uranowitz. “Almost 75 percent of the units have been renovated during the past three years and the new owner plans to re-
hab the remaining units upon turnover in order to render them more competitive.” Nearby, the sale of the 32- unit Alden Apartments was arranged for an undisclosed price by the Gebroe-Hammer brokerage team of executive vice presidents Greg Pine and David Jarvis and Tri- arsi. Gebroe-Hammer rep- resented the seller, Alden Apartments Company, LLC, and procured the buyer, a private investor. n
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