N ew J ersey 4B — October 21 - November 17, 2022 — New Jersey — M id A tlantic Real Estate Journal
www.marej.com
Sales involve properties from Bergen County, NJ to Philadelphia MSA Gebroe-Hammer Associates records $324.55M in multifamily sales during recent 6-week timeframe L
MSA corridor have been and continue to be extremely strong, particularly in the class B/C value-add sector and newly con- structed class A product that has gone through an initial lease-up phase,” said Ken Uranowitz , firm president. Feeding both pipelines is the region’s urban and edge-city apartment stock, which hails from the late 1940s through the mid-1970s. This hey-day of rapid multifamily development and construction was fueled by a federal program to address the postwar housing crisis. As a result, mid-to-late-20th-
Century vintages became the backbone for the Northeast’s residential housing stock and remain as such today. “Because of their sheer den- sity, these multifamily assets are in greatest demand, yield tremendous property reposition- ing potential and benefit from the positive rent- and property- value appreciation effects new construction has on neighbor- hoods and existing apartment rentals,” added Uranowitz. While mid-to-late 20th cen- tury single-family homes were predominantly capes and ranches, classic garden-style
low-rise apartment communi- ties as well as urban mid- and high-rises were quickly em- braced by the era’s growing working-class population. “In short, these properties possess enduring structures and offer in-demand connectivity to tran- sit, highways and lifestyle ame- nities,” said Uranowitz. “Their appeal is timeless and rendered even more so with implemen- tation of capital improvement strategies that typically encom- pass modern kitchen, bath and flooring enhancements under new ownership.” Gebroe-Hammer’s invest- ment brokerage profession- als also report a steady rise in the number of new class A multifamily properties coming to market. “Many of these assets range from newly completed ground-up construction and repurposed properties to gut rehabs,” said executive managing director David Oropeza , who noted construction starts have been slowed once again – this time due to supply chain issues, exorbitant cost increases and permitting bottlenecks. “Today’s young professionals remain loyal and committed to the urban and semi-urban lifestyle associated with easy walkability and dynamic live- work-play conveniences at their doorstep,” said Oropeza, who oversees Gebroe-Hammer’s Northern New Jersey metro and represents sellers and buy- ers in the urban submarkets of East Essex County where the firm recently closed deals in Irvington and Newark. “Thanks to a tight labor market where household balance sheets are solid – and unemployment is outpaced by job opportunities – class A and repositioned class B and C multifamily assets are the catalyst for a renaissance within many city centers, down- town districts and secondary emerging markets.” In addition to New Jersey’s urban- and suburban-core markets, the firm’s market specialists have been ex- tremely active orchestrating transactions and securing excusive listings across the entire Philadelphia MSA. Neighborhoods in which Gebroe-Hammer has final- ized recent sales include East Mount Airy and North and Northeast Philadelphia as well as the surrounding adja- cent Pennsylvania and South Jersey counties. MAREJ
IVINGSTON, NJ — From the north- ern reaches of Bergen County, to the most-active Philadelphia MSA submarkets, Gebroe-Hammer Associates has recorded a combined total of $324.55M in multifamily sales encompassing 1,650+ units during a recent six-week time- frame. The transactions have involved properties ranging from single-building garden- style communities to rare-to- market critical-mass portfolios spanning mid-20th Century to new-construction vintages. “Apartment performance and
Class B value-add property investment sales throughout the New Jersey to Philadelphia
47 Years and Still Going Strong
Q1-Q3 2022 SALES
79 DEALS 6,539 UNITS $ 1.35 + BILLION
Specializing in multifamily-focused investment sales while representing private equity funds & institutional investors as well as generations of family offices & private individuals since 1975. Additional focus on marketing mixed-use & freestanding office & retail properties.
973.994.4500 • WWW.GEBROEHAMMER.COM • 2 W NORTHFIELD ROAD, LIVINGSTON, NJ 07039
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