Jones Lang LaSalle

$20M Take Six-Building Apartment Portfolio
By Eric Peterson
Last updated: November 18, 2005 11:22am

LIVINGSTON, NJ-Six multifamily properties in the Bergen County towns of Bergenfield, Hackensack and Rutherford have been sold for a price “in excess of $19.8 million,” according to Mel Gebroe, co-founder and chairman of Gebroe-Hammer Associates, based here. The sale price factors out to an even $100,000 per unit.
The transaction was closed by Gebroe-Hammer’s Greg Pine, vice president, executive vice president David Oropeza, sales rep Jay Lombardo and managing director Robert Ploshnick. The identities of the buyer and seller, local investment groups, were not disclosed. The seller was described as “a long-time Gebroe-Hammer client.”
The properties changing hands include Magnolia Court at 268 S. Washington Ave. and Elm Court at 30 Elm St. in Bergenfield; Polifly Arms at 174 Polifly Rd. and Polifly Arms II at 2145 Daniel St. in Hackensack; and Ettrick Terrace Apartments at 58 Ettrick Terrace and Park Lane Apartment at 82 Chestnut St. in Rutherford.