4B — August 29 - September 11, 2014 — Owners, Developers & Managers — M id A tlantic

Real Estate Journal


O wners , D evelopers & M anagers L Second half forecast: Greater velocity by year end Gebroe-Hammer arranges 67 multi-family sales in first half IVINGSTON, NJ — Gebroe-Hammer As- sociates has arranged total of 473 units that sold for a combined $53+ million. are expected to gain traction through year end and well into next year.”

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“Buyers have set new bench- marks for what they are will- ing to pay in an environment characterized by continued historically low interest rates, abundant availability of capi- tal and soaring demand in an undersupplied industry,” said Ken Uranowitz , president, who is a 39-year industry veteran. “There is a voracious appetite among investors for all building classes, with value- add opportunities ranking highest in terms of acquisition strategy. These conditions

While properties that come to market in high-barrier-to- entry locations, like Bergen County, NJ, remain a rarity, investors are targeting well- located, underperforming prop- erties in urban, suburban and rural locales as long as they offer access to mass transit and lifestyle services, such as dry cleaners, grocery stores and shopping centers, restau- rants and leisure/recreational venues. Common business plans include the implemen- tation of renovation programs to reposition these properties, rendering them more competi- tive while allowing investors to realize a greater return on their initial investment. “With homeownership still so far out of reach or undesirable for a majority of the popula- tion, renting has been and will continue to be the new normal,” said Uranowitz. “Mil- lennials – who experienced the housing crisis of their parents’ generation – also are joining the renter pool and setting down roots, strengthening an already fortified tenant base of hard-working families and empty nesters.” Two of the most active mar- kets are New Jersey’s northern municipalities and its Gold Coast, as well as Eastern Penn- sylvania/South Jersey. Both are among the most stable apartment-rental markets in the nation and offer a high concentration of multi-family properties built 30 to 40 years ago. Despite a rising number of planned construction projects in both regions that have yet to be built, the tenant base is diverse enough to solidify high occupancy rates across the board. “New product en- hances the overall posture of neighborhoods and cities for all residents of varying socioeco- nomic backgrounds, especially those who are priced out of Philadelphia or Manhattan,” said Uranowitz. Even in the wake of the Superstorm Sandy disaster, Gebroe-Hammer reportsmulti- family trading activity in shore communities like Asbury Park and Lakewood are heating up. “The re-emerging economy and revitalization in these areas are drawing investors, particu- larly those who are experienced in repositioning properties,” said Uranowitz. n

67 transac- tions during the past six months and reports that t he mu l t i - family sector is expected to garner more aggr es s i ve


Ken Uranowitz

pricing at a growth rate that surpasses pre-recession levels. Most recently, the firmclosed out the month of June orches- trating 14 sales involving a

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