Real Estate Journal — Owners, Developers & Managers — February 23 - March 15, 2018 — 17B
M id A tlantic
O wners , D evelopers & M anagers
ODI, NJ — In the Lodi/ Hackensack/Garfield pocket of Bergen Coun- Pocket of revitalization in Lodi/Hackensack/Garfield draws investors and tenants Gebroe-Hammer Associates brokers $7.75M sale of 50-unit BergenCounty garden-apartment complex L Within the borough, sus- tained housing demand has exceeded above-average levels,
family homes and small-to- mid-sized apartment build- ings. Its residents are heavily reliant upon bus transit, the preferred method of transpor- tation for 10% of the popula- tion. NJ Transit rail service along the Main/Bergen County and Port Jervis lines also is available nearby at Plauder- ville Station in Garfield, which is one mile from Contant Ave. “Lodi has emerged as a ‘place to be’ among millennial profes- sionals because of its afford- ability as compared to New York City, Brooklyn and even places along the Gold Coast,” said Pomerantz. “The property
is primed for value-add capi- tal improvements in order to appeal to this demographic, which continues to favor a rental lifestyle over homeown- ership.” The 82 Contant Ave. com- plex features 48 one-bedroom and two two-bedroom layouts within Lodi’s most expensive neighborhood of Bel Vista/ Dell Glenn. On-site resident amenities and services include laundry facilities and parking. It is the second Lodi property sold by Gebroe-Hammer in the past 12 months. Last winter, the firm arranged the $100 million sale of Cedar Wright
Gardens, a 642-unit apartment complex located at 77Mary St., on the Wood-Ridge border. Since 1975, Gebroe-Ham- mer’s brokerage activities have concentrated on subur- ban and urban high-rise and garden-apartment properties. While initially focusing on New Jersey, the firm has evolved during the past 43 years to also dominate the northeastern Pennsylvania and New York State submarkets as well as represent client interests na- tionally. In addition, Gebroe- Hammer markets mixed-use and free-standing office and retail properties. n
according to Pine. “This is due to Lodi’s safe subur- ban location, walkability and access to good schools, retail, din- ing and im-
t y , wh e r e r e d e v e l o p - ment initia- tives are in full swing, G e b r o e - Hammer As- sociates has arranged the $7.75 million
portant employment centers throughout Northern New Jersey as well as Midtown Manhattan,” he said. Lodi is a densely populated borough comprised of single-
sale of 50 multi-family units at 82 Contant Ave., in the borough of Lodi. The Gebroe- Hammer brokerage team of executive vice president Greg Pine and senior vice president Debbie Pomerantz repre- sented the seller, Arthur Hold- ing Co., LLC, and procured the buyer, a private investor. The two-story, three-build- ing apartment complex occu- pies 0.39 acres and is approxi- mately 325 feet from the State Rte. 46 East and Contant Ave. exit. Built in 1966, the prop- erty is well-poised for value- add and property repositioning under new ownership. “Lodi has emerged as a Ber- gen County breeding ground for multi-family investment and an influx of millennial- age tenants because of its unique appeal and reliance on commuter-bus transit op- tions,” said Pine, who has been Gebroe-Hammer’s Bergen County specialist for more than 16 years. “Redevelop- ment projects in Lodi and the surrounding municipalities of Garfield and Hackensack are bolstering market funda- mentals while offering even greater access and convenience associated with a higher con- centration of suburban-based urban lifestyle amenities and services.” Alfred Sanzari promotes Schleer to director of project management HACKENSACK, NJ — Al- fred Sanzari Enterprises has announced the promotion of John Schleer to director of project management. The Roxbury resident joined the real estate development and operating company in 2007 as a construction project manager. The new title marks an exten- sion of Schleer’s role within the construction department, where he will continue to oversee nu- merous pre-construction and construction-related activities. n
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