M id A tlantic Real Estate Journal — Owners, Developers & Managers — April 24 - May 14, 2020 — 3B
www.marej.com
O wners , D evelopers & M anagers
IVINGSTON, NJ — Gebroe -Hamme r Associates , a nation- Apartments play integral role in the ‘new normal’ Gebroe-Hammer Associates reports $316.4m in multifamily sales for Q1 2020 L
education.” Uranowitz noted that while it may be premature to fore - cast the how and when re - garding a recalibration of the economy and by associa - tion multifamily properties, the “fundamental function of apartments has always ensured – and will continue to do so – their longevity and status as the most reliable liv- ing option and most resilient commercial real estate asset type.” A veteran of recessionary economic protractions in al- most every decade since the
mid-1970s, Uranowitz added that the New York and Phila - delphia Metros as a whole have historically trended with more stability as compared to their major metro counter - parts nationwide. “Occupancy rates and asking/effective rents may waver, but they will eventually bounce back just as they did in the aftermath of the height of the Great Reces- sion in early 2009 and every other downturn before that,” he said. Despite the far-reaching societal and economic shifts associated with COVID-19,
Uranowitz is certain Ameri - cans and the multifamily industry will benefit from a “time and patience heals all” approach. “These economic shockwaves will ease and multifamily properties and the people who own, manage, invest and live in them will emerge even stronger,” he said. “This coronavirus may be novel, but the enduring strength of apartment proper- ties is long established.” 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 45 years to also dominate the northeast- ern Pennsylvania and New York State submarkets as well as represent client interests nationally. Widely recognized for its consistent sales perfor- mance, the firm is a 16-time CoStar Power Broker and is credited with arranging the largest portfolio sale in 2019 for the MidAtlantic Region and in New Jersey.
ally ranked mu l t i f am- ily-focused investment b r oke r ag e f i rm , h a s r e p o r t e d $ 3 1 6 . 4 M in sales for a t o t a l o f 1,574 units
Ken Uranowitz
at the close of Q1 2020. The firm, which is marking its 45th anniversary this year, orchestrated the 18 trans - actions on behalf of private owners, family offices, pri - vate equity funds and insti - tutional investors with local, regional, national and global interests. “The first quarter of the year marked a ‘carry-over’ of the same historic multifami- ly investment confidence that fueled one of the longest and most aggressive apartment- property investment cycles in history,” said Ken Ura- nowitz , president, a 45-year industry veteran who joined the firm at its inception. During the first quarter, Gebroe-Hammer arranged sales across New Jersey, the Greater Philadelphia metro and New York State. Exam - ples of the transaction-type spectrum include a new-con - struction class A apartment building in Woodbridge, NJ, where the price per unit was $280,000; three unnamed single-property sales (one new construction/two value-add) in North, Central and South Jer- sey collectively encompassing 485 units sold for a combined $127M; and a portfolio trade on behalf of an unnamed seller and buyer totaling over 300 units in southeast New York State. Multifamily’s New Normal “Now, as a society and as an industry, we find ourselves in unchartered waters due to the sudden and abrupt mea- sures imposed to slow the spread of COVID-19,” said Uranowitz. “While there are challenges that can only be fully addressed with the pas - sage of time, health and well- being remain paramount. In this regard, multifamily properties play an integral role in providing tenants and communities with the most basic needs of shelter, a place to live and a place fromwhich to telecommute for work or
P o s k a n z e r S k o t t A r c h i t e c t s 550 North Maple Avenue, Ridgewood, NJ 07450 201.445.2322 www.poskanzerskott.com
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