M id A tlantic Real Estate Journal — December 23, 2022 - January 19, 2023— Section D
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ISSUE HIGHLIGHTS Volume 34, Issue 11 Nov. 18 - Dec. 22, 2022
Firm records YTD 79 deals with 6,539 units Q3 multifamily transactions bring Gebroe- Hammer Associates 2022 sales to $1.35+B
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named buyer for the third prop- erty at 157 Elmwood Avenue in Irvington. “While there may be a shift in the economy on certain fronts, there is one thing that is cer- tain: the multifamily sector continues to see more stability than other real estate sectors,” said Ken Uranowitz , presi- dent. “The stars remain aligned for multifamily. The hybrid work schedule now seems to be a more permanent form of employment, interest rates and inflation are contributing to a more precarious environment for would-be first-time home - buyers and the trend is stronger than ever where people want to live in more population-dense areas that provide immediate- neighborhood indoor and out- door conveniences.” In fact, according to Moody’s Q3 2022 Preliminary Trend Announcement, the national vacancy rate for multifamily properties hit a new five-year low at 4.4% at the end of the
submarkets that have been the focus of years-long master-plan redevelopment initiatives. As a result, market fundamen- tals are being enhanced and – in turn – spurring continued heavy demand for product. “In many of New Jersey’s urban cities, revitalization is in full swing while in others it continues to take shape,” said executive managing director David Oropeza . “All signs are pointing toward future growth and demand, yielding great optimism for what the future holds for each of these submarkets – the majority of which are leveraging their excellent transit connectivity and highway infrastructure to reinvent themselves.” Other New Jersey markets in which Gebroe-Hammer’s Q3 multifamily sales have been concentrated include Bergen, Essex, Ocean and Mercer counties. Among these were three separate classic garden- continued on page 22A indicative of Fort Lee’s re- surgence coming out of the pandemic,” said CBRE’s Stu - art MacKenzie. “We expect this trend to continue given Fort Lee’s proximity to New York City while also provid- ing convenient accessibility to the greater region.” Dunne added, “Skylight and PCCP will bring Hud- son Lights to the next level with expanded and upgraded amenities plus the addition of small upgrades in the units.” Located at the entrance of the George Washington Bridge along New Jersey’s Gold Coast, Hudson Lights offers seamless access to Midtown Manhattan in un- der 20 minutes as well as the greater Metro New York area. Fort Lee has emerged as a preferred destination for young professionals and families seeking affordability with top-rated public schools while still being proximate to New York City. MAREJ
quarter. “This is proof-positive that the sector is a bright spot in the overall commercial real estate landscape, with vacancy rates in many New Jersey and Philadelphia MSA submarkets being even lower,” added Uranowitz. “Gebroe- Hammer’s closed deals and pipeline of activity along the New Jersey-Greater Phila- delphia MSA-New York State corridor support this level of positivity for multifamily.” In the third quarter, North- ern and Central New Jersey deals offered evidence of the re- gion’s continued stability as an active investment market. Ac- cording to the brokerage profes- sionals at Gebroe-Hammer, it also speaks to the revitalization efforts in core urban transit- oriented locations as well as the desirability of Bergen, Hudson, Ocean and Mercer counties. Throughout the state, the firm is seeing a wave of gut-ren - ovated, new-construction and repositioned asset deliveries to
IVINGSTON, NJ — Gebroe-Hammer As- sociates continues to see
SPOTLIGHTS
success – and sales – in its primary mar- kets across Northern and Central New Jersey and the Greater Phila- delphia MSA. To date, in
THRIVING OVER 50
7-18A
CENTRAL NEW JERSEY
Ken Uranowitz
2022, the firm reports $1.35+B in sales spanning 79 deals and 6,539 units. The firm’s third-quarter deals were punctuated by the sale of a 119-unit three-prop - erty portfolio for $16.55M in Essex County. Executive VP David Jarvis exclusively rep- resented the unnamed seller of the portfolio and procured the undisclosed buyers for two of the properties at 66 Olympic Terrace/32 Elmwood Terrace in Irvington and 810 Broadway in Newark. Stephen Tragash , executive VP, secured the un-
5-6B
THE LENDER’S DIRECTORY
8-11D
UPCOMING CONFERENCES
& WEBINAR December 8, 2022 Annual Lenders & Developers CRE Conference December 14, 2022 PA Apartment & Multifamily Conference For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com
CBRE announces $116.5M sale of Hudson Lights, a 276-unit class A apartment community in Fort Lee, NJ
FORT LEE, NJ — CBRE announced today the $116.5 million sale of Hudson Lights, a 276-unit class A apartment community located in Fort Lee. The CBRE team, led by Jeff Dunne, Stuart MacKenzie, Eric Apfel, Zach McHale, Fahri Ozturk, Richard Gatto , and Travis Langer , represented
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Hudson Lights
the seller while also procuring the buyer, a joint venture be- tween Skylight Real Estate Partners and PCCP LLC . Hudson Lights features a 91-walk score benefiting from its prime location in Fort Lee’s pedestrian-friendly downtown where residents have immedi- ate access to numerous dining,
shopping and entertainment options. Completed in 2016, the property features an out- door pool with cabanas, a fit - ness center with yoga room, resident lounge with billiards and catering kitchen, and a children’s playroom. “The property’s exceptional performance this year is
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