4B — May 20 - June 16, 2022 — New Jersey — M id A tlantic Real Estate Journal
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N ew J ersey
Extremely Well-Located Property Appeals to Growing Young, Educated Renter Cohort Gebroe-Hammer Associates orchestrates sale of 204 Berkeley Apartments in Bloomfield, NJ
B LOOMFIELD, NJ — In the heart of one of Bloomfield’s highest- appreciating neighborhoods, Gebroe-Hammer Associ- ates has arranged the trade of 39 multifamily units at 204 Berkeley Ave. for an undis- closed price. The firm’s broker- age team of David Jarvis , executive vice president, and Ken Uranowitz , president, exclusively represented the unnamed seller, who Gebroe- Hammer represented in late 2021 in acquiring the build- ing, and procured the buyer, a private investor. Built in 1928 and continually
Ave. neighborhood is at the crossroads of the Garden State Pkwy. and the US Rte.46/NJ Rte.3 interchange. Highway connections include Interstates 80, 280 and 287 as well as Local Rtes. 7, 19, 21 and 23. “As a result of 204 Berke- ley Apartments’ outstanding connectivity to employment centers in Manhattan and throughout Northern New Jersey, as well as proximity to the area’s abundant expe- riential/lifestyle amenities, Bloomfield and the entire East Essex/Southwest Pas- saic County submarket ap- peal to a diverse tenant base
of upwardly mobile career starters, executives and well- educated empty nesters,” said Jarvis, who noted the prop- erty was fully occupied at the time of sale. Known for its excellent tran- sit options, the neighborhood offers NJ Transit bus service to Newark Penn Station and rail service at Watsessing Ave. Station along the Montclair- Boonton Line to Hoboken Terminal and New York Penn Station. In terms of the imme- diate and surrounding area, amenities include upscale retail, dining and cultural ven- ues in the Upper Montclair/ Montclair Business Districts, the 121-acre Brookdale Park, American Dream and the Meadowlands Complex, Wil- lowbrook Mall and Garden State Plaza. “In Bloomfield, much of the overall housing stock was built prior to World War II, which makes it one of the older, more historic townships in the nation,” said Uranowitz. “As such, existing multifamily properties like 204 Berkeley Apartments dominate the housing landscape and have tremendous appeal among an evolving renter base that now includes an influx of young, single, educated and upwardly mobile professionals. Walk- ability, nearby conveniences and affordability have fed this pipeline across the entire East Essex County corridor in recent years.” The East Essex/Southwest Passaic Region spans two of the highest population-density and household-income pockets in North Jersey. While many residents commute to New York City, there are numer- ous Fortune-500 companies with ancillary facilities or headquarters in the area. Complementing the area’s cor- porate presence are four public and six private institutions of higher education. Each also serves as a primary employ- ment and research hub. Since 1975, Gebroe-Ham- mer’s brokerage activities have concentrated on all multifam- ily types from high-rise to garden-apartment properties. While initially focusing on New Jersey, the Livingston, NJ- based firm has evolved during the past 47 years to also domi- nate Eastern Pennsylvania and New York State submar- kets as well as represent client interests nationally. MAREJ
204 Berkeley Ave.
updated, 204 Berkeley Apart- ments is comprised of a mix of one-bedroom (30 units) and two-bedroom (9 units) layouts.
Situated 17 miles from Mid- town Manhattan, the upper-in- come high-population-density Franklin Street/Watsessing
MultifaMily firM of ChoiCe
The dominant apartment- focused investment sales brokerage leader in NJ/ Eastern PA/NY State. Representing Private Equity Funds, Institutional Investors and REITs as well as generations of Private Individuals and Family Offices. Additional focus on marketing mixed-use and free-standing office and retail properties.
2 W NORTHFIELD ROAD LIVINGSTON, NJ 07039 (973) 994-4500 WWW.GEBROEHAMMER.COM
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