N EW J ERSEY 2B — December 24, 2021 - January 20, 2022 — New Jersey — M ID A TLANTIC Real Estate Journal
www.marej.com
NION COUNTY, NJ — Geb r oe - Hammer Associ- U Union County package includes 17 buildings, 542 apt. homes, 1 of fi ce & 4 storefronts Gebroe-Hammer Associates arranges 547-unit mixed-use portfolio sale for $82.72 Million
comprised of the New Jer- sey Turnpike (I-95), Garden State Parkway, I-78, I-278, U.S. Route 1/9, U.S. Route 22, Route 24, Route 27, Route 28, Route 35, Route 82, Route 124 and Route 439. “All of these characteris- tics combined, along with the portfolio buildings’ position- ing within one of the nation’s highest-population-density corridors, are what attracted each of the buyers,” said Tragash. According to the firm’s Union County specialist, the submarket is a hotbed
of multifamily investment because of its reputation as a pivotal transit gateway for the Northern and Cen- tral Jersey metros. “Union County has a growing-tenant submarket where many of its municipalities offer a subur- ban city-center lifestyle that appeals to today’s young and established professionals as well as upper-income empty nesters – a cohort that has grown exponentially during the COVID-19 era,” said Tragash. Union County holds a place of prominence in the state’s most coveted geographic location – the northeast quadrant – and within the highly desirable New York City Metropolitan area. It sits adjacent to Essex Coun- ty (north), Hudson County (northeast) and Middlesex County (south). Somerset County is situated to its west and Morris County is its northwestern border. According to the U.S. Cen- sus, Union County has a population of 556,341 and 203,054 housing units. The renter base accounts for approximately 40% of the overall population county- wide and the median house- hold income is $80,198. Top employers for the county include Merck & Co., New England Motor Freight, USI Services Group, Overlook Medical Center, Maher Ter- minals, Trinitas Hospital, Children’s Specialized Hos- pital, Alcatel-Lucent and ConocoPhillips. For 46 years, Gebroe-Ham- mer’s brokerage activities have concentrated on all multifamily types to serve the investment needs of a long-term client base of in- stitutional investors, private equity funds, REITs, family offices and private individu- als. While initially focused on New Jersey, the Livings- ton, 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 performance, the firm is a 17-time CoStar Power Broker and is credited with arranging the largest port- folio sale in 2020 with the highest per-unit price for the MidAtlantic Region and in New Jersey. MAREJ
In total, the portfolio was comprised of 17 low-to-mid- rise buildings, 542 apart- ment homes, one office and four storefronts. Since being awarded the exclusive in March, Tragash marketed the portfolio to potential in- vestors and streamlined the contract-to-closing process over the course of a four-to- six-month timeframe. “Collectively and individu- ally, the properties possess inherent repositioning po- tential associated with their neighborhood presence, close proximity to an array of
immediate-vicinity lifestyle services and Union County’s multitude of mass transit op- tions, which offer connectiv- ity to Midtown Manhattan 18 miles away and North and Central Jersey employ- ment centers,” said Tragash, who noted the building vin- tages ranged from the 1940s through 2008. Common amenities include on-site parking and laundry facilities, front-door NJ Tran- sit bus service and nearby NJ Transit commuter rail. Each also connects to the region’s extensive roadway network
ates has or- chestrated the $82.72M s a l e o f a mi x ed - us e p o r t f o l i o across Union County, N.J. Ex e c u t i v e Vice Presi-
Stephen Tragash
dent Stephen Tragash ex- clusively represented the unnamed seller in the dispo- sition and procured the buy- ers who are long-time clients.
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