16C — March 27 - April 9, 2015 — The Best of 2014 — M id A tlantic
Real Estate Journal
www.marejournal.com
The LARGEST MULTIFAMILY SALES of 2014
The Kislak Company Rachel Gardens Montville, NJ
Gebroe-Hammer Associates River Place at Rahway Rahway, NJ
Rittenhouse Realty Advisors Bloomsburg Student Housing Bloomsburg, PA
Broker: Jeff Squires (seller and purchaser) Size: 764 Units, 98 Acres The purchaser is an affiliate of NY based Camme- by’s International. Kislak was court-appointed as the broker to sell the property with a $135 million listing price and marketed it over a limited four-week pe- riod in April and May. Given the rare opportunity to acquire a large well-performing multifamily property with value-added upside in northern NJ; there was extremely strong interest from many well-qualified local, regional and national investors, several with international participants. Following Kislak’s recommendation, the $136m sale of Rachel Gardens to Cammeby’s was approved by the sellers. Cammeby’s offer was $1 million above the list- ing price with a considerable non-contingent deposit and no due diligence.
Brokers: Ken Uranowitz, president; Joseph Brecher, managing director; Gehane Triarsi, sales representa- tive/market specialist Size: 136 Units, 143,328 s/f Brecher and Triarsi exclusively represented the owner, while Uranowitz procured the buyer in the $36 million sale of River Place, a two-building 136- unit complex on the Rahway River. Built in 2005, the luxury rental community features high-end interior finishes and on-site amenities. The new owner, who recognized the upside potential as the city’s down- town district continues to mature, plans to complete updates to render unrenovated units more competi- tive.
Brokers: Corey Lonberger, Ken Wellar, Mark Duszak Size: 147 Units The portfolio consists of 6 locations, most located across the street from Bloomsburg University, total- ing 147 units or 394 Bedrooms. Every unit was sold fully furnished.
Congratulations to The BesT of GeBroe-hammer associaTes #2 in Largest multi-family sale/small company #4 in Top sales Brokers #9 in Best Places to Work
Gebroe-Hammer Associates 2 West Northfield Road Suite 301 Livingston, NJ 07039 (973) 994-4500 www.gebroehammer.com A Tradition of Integrity. A Passion for Perfection.
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