2B — April 14 - 27, 2017 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey Firm represents seller in eighth deal since Dec. 2015 Gebroe-Hammer arranges $70msaleof SummitHill Apts.
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PRINGFIELD, NJ — Gebroe-Hammer As- sociates has arranged the $70 million sale of the 228-unit garden-style Summit Hill Apartments, located at 100 Stone Hill Rd., in Springfield. Executive vice president Greg Pine along with vice president Gehane Triarsi represented the seller and managing direc- tor Joseph Brecher procured the buyer, The Kushner Real Estate Group in partnership with Avenue Realty Capital . Situated within Union Coun- ty, Summit Hill features a mix of one-bedroom/one-bath, two- S
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Summit Hill Apartments
bedroom/one- or two-bath and three-bedroom/two-bath units that were fully occupied at the time of sale. Each offers archi- tecturally appealing designs,
hardwood floors, dining rooms and oversized closets. Commu- nity amenities include a private pool and tennis courts as well as Manhattan skyline views. “The seller, on behalf of whom Gebroe-Hammer has sold eight properties since the end of 2015, recognized the time was right to market well- located, well-occupied garden- apartment communities such as Summit Hill Apartments,” said Pine. “Today’s premium sale prices, soaring investor demand and the inexpensive cost of debt are the catalysts driving many long-time owners to capitalize on their assets.” Gebroe-Hammer initially represented the seller on the $172 million sale – New Jer- sey’s largest in 2015 – of 1,172 garden-apartment units and an adjacent 73,394 s/f retail center at Village Green in Mount Olive. Both Pine and Brecher were involved in the sale of the 76-building mixed- use portfolio. Since that time, the firm has represented the seller in sales involving 3,216 total units as well as 113,394 s/f of retail space at an aggre- gate value of $663.05 million. The properties have spanned Morris, Union, Essex and Somerset counties. According to Brecher, com- petition and peak pricing are breeding a surging interest in value-add opportunities, specifically within former suburban bedroom communi- ties that have evolved into popular transit hubs. “A good majority of long-time owners have subscribed to a ‘maintain occupancies at historically high percentage rates’ mantra during these past few years, even if they fell below current market-rate rents,” he said. “New buyers are motivated by the chance to realize a sig- nificant return on investment, with minimal-to-modest capi- tal improvements, and achieve market rents in a relatively short period of time, depend- ing on the submarket.” n
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