2B — April 22 - May 19, 2022 — New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N ew J ersey
Property trades following 52 Years of ownership Gebroe-Hammer Associates orchestrates $38M sale of Hawthorne Towers inMontclair, NJ
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owner contacts when he launched his career with Gebroe-Hammer 47 years ago. Brecher also sold an 80- unit property in Somerset on behalf of the same owner 10 years ago. An architectural pillar, Hawthorne Towers is in the heart of the Elm Street and Bloomfield Avenue section – the municipality’s great- est income-growth neigh- borhood over the past five years, according to Neigh- borhoodScout.com. Origi- nally constructed in 1962 and continually updated, Haw-
a section of the MARE Journal Phone: 781-740-2900 www.marej.com S ection P ublishers Linda Christman lchristman@marejournal.com Lea Christman lea@marejournal.com NJPA “The combination of supe- rior connectivity, Hawthorne Towers’ historically strong occupancies and Montclair’s reputation as a dynamic resi- dential community are exam- ples of why transit-centric, train-line submarkets such as this top investor require- ments,” said Brecher. MAREJ thorne Towers offers several market-unique community amenities such as a pool with sundeck and resort-style furnishings, outdoor grill and picnic area and on-site covered garage parking. “Hawthorne Towers has been and continues to be an iconic landmark within this tree-lined neighborhood and all of Montclair for that matter thanks to lifestyle amenities and features typi- cally not associated with this trendy, high-population den- sity municipality,” said Oro- peza. “It is this uniqueness that attracted the buyer, along with the apartment property’s tremendous curb appeal and Montclair’s sus- tained tenant pipeline.” Featuring a mix of spacious studio and one- and two- bedroom layouts, each apart- ment unit has a chimed- entry door with door viewer, private intercom to the pro- fessionally designed lobby, custom kitchen cabinetry and ceramic-tile baths. Nest led along a quiet residential neighborhood just off Elm Street, Haw- thorne Towers is less than a three-minute walk to the Bloomfield Avenue Busi- ness District and one mile to Bay Street Rail Station. In addition to its extensive rail network, Montclair has nine bus routes and highway con- nectivity to the Garden State Parkway, I-280, U.S. Route 46, NJ Route 3 and CR 506/ Bloomfield Avenue.
ONTCLAIR, NJ — In the geographi- cally desirable com-
muter-dominated township of Montclair, which has seven separate train stations and is 17 miles northwest of Mid- town Manhattan, Gebroe- Hammer Associates has arranged the $38M sale of 133 apartment homes known as Hawthorne Towers. The firm’s executive man- ag ing di rec tor Joseph Brecher and president Ken Uranowitz exclusively rep- resented the seller, Haw- thorne Towers LLC, and
Hawthorne Towers
executive managing director David Oropeza procured the buyer, Rockledge Ven- tures LLC. Brad Domenico of Progress Capital ar- ranged financing.
Located at 36 Hawthorne Place, this well-maintained midrise has been under the same ownership for over 52 years and was among one of Uranowitz’s first property-
47 Years and still going strong.
Q1 2022 SALES
$ 465 + MILLION
35 DEALS
2,464 UNITS
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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