6B — June 2023 — Northern New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N orthern N ew J ersey
90-unit multifamily asset offers upside and proximity to North Elizabeth Train Station Gebroe-Hammer Associates named as exclusive broker to market Union County apartment complex
LIZABETH, NJ — Gebroe-Hammer Associates has been retained as the exclusive bro- ker to market Elizabeth Gar- dens, a 90-unit garden-style apartment community in the Downtown section of Eliza- beth. Located at 648 Jefferson Ave., the well-maintained circa-1970s-era property is one block from North Elizabeth Station and within one of the state’s most important pivotal transit gateways. Executive vice president Stephen Tragash is spear- heading the assignment on E
behalf of ownership. The of- fering is a classic value-add investment opportunity with inherent property reposition- ing and upside potential, ac- cording to the Union County market specialist. A fixture within the city’s northeast-downtown section, Elizabeth Gardens is comprised of a mix of studio, one-, two- and three-bedroom floorplans. Situated on 2.3 acres, the two two-story buildings offer on- premises parking and laundry centers. Apartment features include large windows, hard- wood flooring, baseboard heat
and balconies in select units. “Offering excellent mass transit connectivity via rail, bus, highway and air at nearby Newark Liberty International Airport, Elizabeth Gardens is just minutes removed from New York City and Newark as well as easily accessible to em- ployment centers across North- ern and Central New Jersey,” said Tragash, a member of the firm’s Executive Management Team. “All of these traits have individual and collective ap- peal among the area’s growing investor and tenant bases.” As the Union County seat and a target of sweeping ur- ban revitalization initiatives, Elizabeth’s public officials and developers are leveraging the city’s grand public-building architecture, strategic location and diverse neighborhoods. Similar to the urban trans- formation of Newark and the Hudson Waterfront, Elizabeth is gaining traction as a trendy urban-chic enclave offering greater affordability to post- bachelor’s-degree career start- ers and young professionals. “Generally speaking, Eliza- beth offers out-commuters a 15- to 30-minute commute, which is shorter than time spent traveling to and from work for most Americans,” added Tragash. “Specifically, Elizabeth Gardens also offers walkability and/or close prox- imity to Union County College and Kean University, as well as Fairmount Park, The Mills at Jersey Gardens, IKEA and Stop & Shop.” Since joining Gebroe-Ham- mer Associates in 2006, Tra- gash has engineered the firm’s ever-expanding multifamily sales activity and dominance in transit-centric municipalities from Union County – including the City of Elizabeth – to Hunt- erdon, Sussex and Morris coun- ties. He also represents client interests throughout the entire North and Central Jersey Met- ros as well as regionally. Since 1975, Gebroe-Ham- mer’s brokerage activities have concentrated on subur- ban and urban high-rise and garden-apartment proper- ties. While initially focusing on New Jersey, the firm has evolved during the past 48 years to also dominate the northeastern Pennsylvania and New York State submar- kets as well as represent client interests nationally. MAREJ
Elizabeth Gardens
CELEBRATING 48 YEARS
The most active and trusted brokerage firm in NJ, PA, and New York State Specializing in suburban and urban high-rise and garden-apartment properties
Representing generations of private owners, REITs, private equity firms and institutional investors since 1975. Additional focus on marketing mised-use and free-standing office and retail properties.
973.994.4500 • WWW.GEBROEHAMMER.COM • 2 W NORTHFIELD ROAD, LIVINGSTON, NJ 07039
Made with FlippingBook - Online catalogs