Real Estate Journal — Owners, Developers & Managers — October 26 - November 8, 2018 — 5B
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O wners , D evelopers &M anagers Latest transactions span Bergen, East Essex & Union Gebroe -Hammer records $18.18M in North Jersey sales L
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“Long-awaited revitalization initiatives are feeding an eco- nomic infusion in the state’s most-populous city, rendering multi-family one of the hot- test investments in Newark today,” noted Jarvis. A similar, albeit smaller- scale resurgence also is occur- ring in Union County’s Plain- field, where Vice President Adam Zweibel collaborated with Triarsi on the sale of a four-property package consist- ing of 57 total units. The prop- erties were located at 122-138 E. 7th and 985-1003 Park in the heart of the city. Collec- tively, they sold for $6.23M.
IVINGSTON, NJ — As multi-family investing enters the home stretch of 2018, trading throughout the entire North Jersey Metro is gaining imperceptible speed, according to the brokerage pro- fessionals at Gebroe-Hammer Associates . In recent weeks, the firm has arranged 14 trans- actions encompassing over 130 units sold for more than $18.18M throughout Bergen, East Essex and Union counties. Collectively, these three counties account for a com- bined in-place inventory of 548 buildings and 113,876 units based on the most recent data fromReis. In the North Jersey Metro, Bergen County’s over- all housing stock ranks first in terms of existing apartment buildings (227), while Hudson County ranks as the highest for total in-place apartment units (55,428). “Rents throughout the North Jersey Metro continue their advance, in terms of both ask- ing and effective rents, and are expected to do so through year- end 2020 and beyond,” said Ken Uranowitz , president. “While the metro-wide develop- ment cycle finally reaches its peak at the close of this year, a balanced market and leveled off occupancies will be the end re- sult. New construction has and will continue to render class B/C product – long regarded as far more affordable and the ‘fixer-uppers’ – more expensive in terms of property values and rent appreciation rates due to the value-add factor.” In Bergen County, Gebroe- Hammer’s North Jersey mar- ket specialists arranged two separate trades consisting of 48 units in Wallington and Ridge- field Park. The Wallington sale involved a newly constructed 33-unit riverfront apartment community at 1 Parkway, sold for $6.65M. Gebroe-Hammer’s executive VP Greg Pine and VP Gehane Triarsi repre- sented the seller and procured the buyer in the transaction. Seven miles to the east, se- nior VP Debbie Pomerantz arranged a second Bergen County sale at 82 Brinkerhoff St., in Ridgefield Park. Built in 1928, the all-brick-façade four- story property at the corner of Euclid Ave. features 15 units and sold for $2.4M. Not one to be overshadowed by its “affluent neighbor of Bergen County,” the Newark/ East Essex submarket is gar-
nering tremendous investor and tenant interest through- out its re-emerging urban hubs like East Orange and Newark. Most recently, executive VP David Jarvis closed two sales in which he represented the sellers and procured the buy- ers of 387 4th Ave. and 409 Summer Ave., both in Newark. 1 Parkway, Wallington, NJ
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