4B — May 26 - June 8, 2017 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marejournal.com
O wners , D evelopers & M anagers
106 units located throughout Elmora and downtown districts Elizabeth multi-family portfolio garners $10.51 million in sale arranged by Gebroe-Hammer
E
Union as well as Essex, Morris and Sussex counties. “Elizabeth has become a focus for investors seeking value-add and property repo- sitioning opportunities thanks to its strong, working-class tenancy, high foot traffic and vibrant neighborhoods,” said Tragash. “With a 65% renter percentage, Elizabeth stands out as one of the nation’s top cities where the housing stock is predominantly comprised of apartment buildings. As a result, their strong occupan- cies render them an extremely attractive investment.” Ranked as very walkable with good transit, Elizabeth has several distinct neighbor- hoods. Elmora, which encom- passes Pennington Avenue, boasts some of the region’s best restaurants, shops and boutiques along with a few of the city’s luxury high-rises. The Downtown district is Eliza- beth’s most historic and diverse place in the city. Bellwood Gardens, located at 450-454Walnut St., is centrally situated within the Downtown Madison Avenue/Mary Street section comprised of older, well-established small-to-mid- sized apartment buildings constructed between 1940 and 1969. Built in 1940, this well- maintained 40-unit three-story building features an all-brick façade close to schools, shop- ping and the Elizabeth and North Elizabeth rail stations, both of which are less than a mile away. The 38-unit Bar- bara Hall Apartments, also located Downtown within the Broad Street/E. Grand Street section, features three stories and a mix of apartment layouts throughout. In Elmora, the 28-unit 928 Pennington Ave., complex is just one block from Warinanco Park and its popular shopping district. Each of the 28 units features updates that include hardwood floors, modern kitch- ens and baths and spacious liv- ing rooms and bedrooms. “Multi-family investors are not only drawn to Elizabeth for its reputation as one of the nation’s top-ranked renter cit- ies, it also is known for being among the highest in terms of train ridership,” said Tragash. NJ Transit’s Northeast Cor- ridor and North Jersey Coast lines serve both Elizabeth Station and North Elizabeth Station and Amtrak service is along the Northeast Corridor. n
lizabeth, NJ — Elizabeth’s high renter percentage continues
Oropeza and senior vice presi- dent Stephen Tragash repre- sented the seller, Pennington Apts., Inc., and procured the buyer, 433 Park LLC, of the three properties. The portfolio sale brings Ge- broe-Hammer’s latest transac- tion totals in the City of Eliza- beth to $20.88 million involving 231 units. Tragash, the firm’s Elizabeth market specialist, spearheaded each of the sales on behalf of private individual and investment group clients. In addition to the Elizabeth submarket, his transactional reach extends to surrounding
to feed strong multi-family f und ame n - tal s in the c i t y whe r e G e b r o e - H a m m e r Associates recently ar- ranged the
Stephen Tragash
$10.51 million sale of 106 units spanning Walnut Street and Pennington and Union avenues. The brokerage team of managing director David
Bellwood Gardens
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
Made with FlippingBook - Online catalogs