Gebroe-Hammer inks $36m sale of a two building complex
RAHWAY, NJ — The newly revitalized City of Rahway, NJ, continues its multi-family investment renaissance with two recent trades involving a total of 168 luxury and duplex-style apartment-rental units. The brokerage professionals at Gebroe-Hammer Associates represented both sellers and buyers in the sales of River Place at Rahway and Alden Apartments.
The team of managing director Joseph Brecher and sales representative Gehane Triarsi represented the owner, while president Ken Uranowitz procured the buyer in the $36 million sale of River Place, a two-building complex located at 190 Lewis St., on the Rahway River.
Built in 2005, the community’s 60 one-bedroom and 76 two-bedroom units include ceramic tile kitchens and baths; nine-foot ceiling heights; full-sized washers and dryers; fully equipped kitchens; and private balconies. An on-site fitness center, media room, outdoor courtyard, parking and attached garages are among the amenities. Brecher last sold the luxury apartment community in 2011 in one of central New Jersey’s largest multi-family transactions that year.
“The buyer recognized significant upside potential as the city’s downtown district continues to mature and transition to one of the state’s premier cultural and entertainment hubs,” said Uranowitz. “Almost 75 percent of the units have been renovated during the past three years and the new owner plans to rehab the remaining units upon turnover in order to render them more competitive.”
Nearby, the sale of the 32-unit Alden Apartments was arranged for an undisclosed price by the Gebroe-Hammer brokerage team of executive vice presidents Greg Pine and David Jarvis and Triarsi. Gebroe-Hammer represented the seller, Alden Apartments Company, LLC, and procured the buyer, a private investor.