N ew J ersey 4B — January 22 - February 18, 2021 — New Jersey — M id A tlantic Real Estate Journal
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Early 20th-Century apartment buildings span Passaic County Gebroe-Hammer Associates arranges $17M sale of 9-building, 133-unit apartment portfolio
ATERSON/PASSAIC, NJ — Gebroe-Ham- mer Associates has announced the $17M sale of a nine-property, 133-unit col- lection of early-20th-Century apartment buildings strategi- cally situated in North Jersey’s Passaic County. The transac- tion was arranged by senior vice president Debbie Pomerantz , who represented the seller, Golden Equities LLC , and procured the buyer, an un- named private investor. Located throughout the cit- ies of Paterson and Passaic, eight of the nine properties are P
within two miles of one another. The portfolio is comprised of a diverse mix of studio and one-, two-, three- and four-bedroom layouts in an apartment-domi- nated submarket where almost half of the residential housing is comprised of duplexes, homes converted to apartments and small apartment buildings. “The Silk City Portfolio – aptly named for the area’s once-high concentration of silk mills – presents new ownership with the key property manage- ment advantage of proximity,” said Pomerantz. “This also is extremely favorable for realiz-
ing portfolio-wide property re- positioning through value-add capital improvements.” According to Pomerantz, who is the firm’s Passaic County market specialist, the Silk City Portfolio’s properties are primed for implementation of value-add enhancements. These include apartment-home units, common areas and/or exterior enhancements. “Over the short- and long-term, these initiatives will boost property and rent appreciation values,” she said. As two of North Jersey’s high- population-density enclaves, Paterson and Passaic have
evolved in recent years from their industrial roots to become dynamic urban-core munici- palities. They are mirroring the revitalization of their sister cit- ies of Newark and Jersey City and are currently undergoing a renaissance rooted in a mod- ern identity reflective of their diverse constituent neighbor- hoods and rich history. Thanks to its commuter- friendly location no more than 20 miles from Midtown Man- hattan, the Silk City Portfolio also features convenient con- nectivity to Newark, Jersey City and the entire East Essex / Northern NJ Region. The Silk City Portfolio properties offer front-door or a short walk to NJ Transit bus routes originat- ing at Broadway Terminal and Passaic Terminal, respectively, with rail service at Paterson Station and Passaic Park Sta- tion. Both are served by NJ Transit’s Main Line to Hoboken Terminal and Secaucus Junc- tion connecting to NY Penn Station and Newark Airport. The properties are located at: 99-101 Belmont Ave., 113 Godwin Ave., 51-57 and 120-128 Park Ave. and 130-132 N. 3rd St. in Paterson, as well as 102- 104 and104-106 Beech St. and 3 Lucille Pl., all in Passaic. Area amenities feature an extensive highway and transit infrastruc- ture, Fortune 500 employers, abundant local and regional shopping, nearby dining and takeout and a vast park system. “Supply of for-sale and for- rent product in the Paterson and Passaic submarkets has been and continues to be very tight,” said Pomerantz. “As a result, properties of all calibers – especially those with inher- ent value-add potential – are garnering highly competitive sale prices.” Since 1975, Gebroe-Ham- mer’s brokerage activities have concentrated on all multifam- ily types including class A, B and C high-rise and garden- apartment properties. While initially focusing on NJ, the Livingston, NJ-based firm has evolved during the past 45 years to also dominate Eastern PA and New York State submar- kets 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 portfolio sale in 2019 for the MidAtlantic Region and in New Jersey. MAREJ
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