3-30-18

6B — March 30 - April 12, 2018 — Owners, Developers & Managers — M id A tlantic

Real Estate Journal

www.marejournal.com

O wners , D evelopers & M anagers Gebroe-Hammer Associates arrange $3.375 million sale of The Hamlet at Cranford Union County, NJ multi-family community sets new price-per-unit benchmark

ranford, NJ — A new price-per-unit benchmark of $337,500 has been established for the Union County, apartment sub- market, according to Gebroe- Hammer Associates , who raised the bar representing the seller and procuring the buyer of 10 townhome-style units in Cranford. Vice presidents Adam Zweibel and Gehane Triarsi arranged the $3.375 million sale of The Hamlet at Cranford, a two-building com- plex located off the main thor- oughfare of Commerce Dr. at the intersection of Raritan Rd. “This newly constructed com- C

the requirements of this neigh- borhood’s urban-sophisticate, educated-executive tenant base.” According to Neighborhood- Scout.com, approximately 50% of the working population in Winfield is employed in execu- tive, management and profes- sional occupations. It also is among the 15% highest-income neighborhoods in America. Located at 2-20 McKinley St. on a quiet cul-de-sac, the circa-2014 complex features 10 two-bedroom, two-and-a- half-bath units occupying two three-story buildings. Interiors feature hardwood flooring in

living spaces and tile flooring in kitchens and baths; separate dining rooms; central air con- ditioning; granite countertops and stainless-steel appliances, including dishwashers; vaulted ceiling heights; and in-unit, full-sized washers and dryers. The exteriors have attached garages and private one-car driveways. NJ Transit bus service is available at the corner of McKinley Street and Commerce Drive. There also is paved-surface, off-street parking. “This neighborhood is ex- tremely hot,” said Zweibel. “The property is literally 15 paces to Cranford Business Park, a regional home base for corporations and entrepre- neurial businesses, and within less than a one-mile radius of nine restaurants/cafés/coffee houses, five banks and five places of worship. This is truly a commuter’s and walker’s paradise.” Cranford is a mid-sized town- ship in the heart of Union County, which is part of the Northern New Jersey Metro apartment market. With a population of 24,098 people, it has five constituent neighbor- hoods and numerous historic sites and outdoor recreation- al centers. A family-friendly township, Cranford also has two flourishing districts, Down- town and the Centennial Av- enue Business District, known for their respective dining es- tablishments and retail shops. In other recent Union County sales activity, Gebroe-Ham- mer’s brokerage professionals recorded two separate transac- tions totaling 57 units. In both sales, executive vice president David Jarvis and Triarsi rep- resented the seller, on behalf of whom Jarvis spearheaded a portfolio dissolution. He also procured both buyers of the 218 Millburn Ave., Millburn, and 24 Springfield Ave., Cranford, apartment complexes. Gebroe-Hammer is the lead- ing and most trusted multi- family investment sales bro- kerage firm in the New Jer- sey/ Pennsylvania/New York State tri-state region. The firm specializes in suburban and urban high-rise and garden- apartment properties and also markets mixed-use and free- standing office and retail prop- erties. Widely recognized for its consistent sales performance, Gebroe-Hammer is a 14-time CoStar Power Broker. n

The Hamlet at Cranford

plex, which features a wide range of high-end finishes and amenities, is exactly the type of premier asset that any and all investors clamor for within this high-barrier-to-entry Union

County luxury submarket,” said Zweibel, who noted The Hamlet is located in the Win- field neighborhood. “The prop- erty’s modern construction and architectural elements reflect

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

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