Gebroe-Hammer brokers 60 multi-family units in Plainfield, NJ
PLAINFIELD, NJ — In the Plainfield/Union County, NJ, multi-family market, rent growth and occupancy rates are at their strongest levels in years, according to the brokerage professionals at Gebroe-Hammer Associates, which recently arranged two trades involving a total of 60 units. Gehane Triarsi, area market specialist, reports both buyers plan to render the properties more competitive in a city that had its highest-ever recorded population increase between the 2000 and 2010 census period.
“Once considered a ‘bedroom suburb’ of New York City, Plainfield has evolved into an urban center of diverse industries and residential living options, the most preferred of which is mortgage-and-maintenance-free apartment-rental living,” said Triarsi, who specializes in representing private individuals, REITS, private equity firms and other institutional investors throughout Union County, NJ. “Among the variables that contribute toward investment and tenant demand within Plainfield are its Raritan Valley location, mass transit links and historic character.”
Triarsi, along with senior vice president Nicholas Nicolaou, arranged the $3.1 million sale of 33 units at 815-825 Central Ave., in the first of two recent Plainfield trades brokered by the firm. The three-story elevator building features a unique mix of two, three- and four-and-a-half room layouts. Recent upgrades completed by the seller include a new roof and windows.
Nearby, at 315 W. 8th St. (pictured), Triarsi represented the seller and senior vice president Stephen Tragash procured the buyer of 27 units sold for $2.2 million. Comprised of 21 studio and six one-bedroom units, the two-and-a-half story property includes an all-brick façade representative of the surrounding area’s character.
“Each of the buyers recognized the opportunity to reposition these properties, given current demand and rental trends,” said Triarsi.
Bordered by nine municipalities, Plainfield is on the southwestern edge of Union County, NJ. The city offers access to two NJ Transit rail stations, bus service to Midtown Manhattan, Newark and local destinations.