6B — January 31 - February 13, 2020 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
Properties span Bradley Beach to Cranford, East Orange, Newark and Irvington Gebroe-Hammer reportsMonmouth-to-Essex County Corridor draws $20.33M in recentmulti-family sales C
ENTRAL / NORTH JERSEY, NJ —Within the high-population- density Monmouth-East Es- sex County corridor, Gebroe- Hammer Associates recently arranged five separate multi- family trades involving a total of 117 apartment-rental units and three commercial units sold for a combined $20.33M. Senior vice president Adam Zweibel was involved in four of the trades spanning Bradley Beach (Monmouth County), Cranford (Union County) and Newark and Irvington (Essex County). The fifth was orchestrated by
executive managing director DavidOropeza inEast Orange while executive vice president David Jarvis represented the seller and Zweibel procured the buyer in the Cranford sale. In each of the transactions Gebroe-Hammer exclusively represented the separate sell- ers and identified the buyers. The trades included: • Oropeza brokering the $6.65M sale of 40 units at 57-73 S. Walnut St., East Orange on behalf of the seller, Nova EO Portfolio I LLC, and the buyer, JBC Land LLC • Zweibel arranging the
$6.3M sale of 38 units at 201 Lareine Ave., Bradley Beach on behalf of the seller, Lareine Ave LLC + 4810 LLC, and the buyer, an unnamed private investor • Jarvis representing the seller, Stolar Capital 17 LLC, of 20 W. Holly St., Cranford where Zweibel procured the buyer, Home Crest Capital LLC, in the $5.75M trade of 19 units – a transaction exceeding $302,000 per unit • Zweibel spearheading the $985,000 trade of 13 residential and three commercial units at 700 Chancellor Ave., in Ir- vington on behalf of the seller, Chancellor Ave LLC and the buyer, SGNJ Properties LLC • Zweibel and Oropeza form- ing the brokerage team to arrange the $675,000 sale of seven units at 202-204 Ridge- wood Ave., in Newark on behalf of the seller, HP Group Proper- ties of USA LLC, and the buyer, a private investor “This corridor that follows the Garden State Parkway – from Eastern Monmouth County through Union County to East Essex County – is among the most densely populated and in-demand in the state of New Jersey, in terms of its age- diverse tenant population,” said Zweibel, a Central/North Jer- sey market specialist. “Across the board, multi-family inves- tors are pursuing value-add property acquisitions that allow them to cast their net across today’s wide and varied tenant base – from college grads and established millennials to exec- utives with families and empty nesters, all of whom have and will continue to embrace rental living and shore up long-term property appreciation.” Since 1975, Gebroe-Ham- mer’s brokerage activities have concentrated on suburban and urban high-rise and garden- apartment properties. While initially focusing on New Jer- sey, the firmhas evolved during the past 45 years to also domi- nate the northeastern Penn- sylvania and New York State submarkets as well as repre- sent client interests nationally. Gebroe-Hammer also markets mixed-use and free-standing office and retail properties. In addition to representing private individual owners, who dominate the New Jerseymulti- family landscape, Gebroe-Ham- mer’s clients also include REITs, private equity funds and insti- tutional investment entities.
20 W. Holly St. in Cranford, NJ, sells for $302,000+ per unit.
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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