LIVINGSTON, NJ-In three separate transactions, apartment complexes totaling more than 100 units in three counties have been sold for a combined $8.1 million. The deals were brokered by Gebroe-Hammer Associates, based here, whose managing director says, “the sales exemplify the strength of the multifamily market in Northern New Jersey.”
In Palisades Park, sales associate Elliot Schechter, VP David Jarvis and EVP David Oropeza collaborated on the sale of 10 Henry Ave., a four-story mid-rise that was 95% occupied at the time of sale. The buyer, identified only as a “long-time Gebroe-Hammer client,” is said to own several buildings in the area. The buyer, another long-time client, sold the property as part of a 1031 exchange, according to Jarvis.
“Bergen County is a very attractive region for investors,” Jarvis says. “Any time a property becomes available, buyers act quickly and decisively to secure a winning bid.”
In East Orange, meanwhile, Oropeza negotiated the sale of 73 Carnegie Ave., an 18-unit, four-story building that traded for $1 million. The property had just one vacancy at the time of sale. The buyer was described as, “a first-time buyer based in New Jersey.” The seller was Golden Sun Realty of Paterson, NJ.
The third transaction came in Union City, where G-H VP Scott Callahan brokered the sale of Skyview Apartments at 1300 Palisade Ave., a five-story, 43-unit building. The buyer was described as, “a New York-based investor who is purchasing for the first time in Union City,” Callahan says. “The seller is a frequent Gebroe-Hammer client with a strong portfolio in both New Jersey and New York.”
posted by Jones Lang LaSalle NJ News Blog at 12:36 PM
<< Home