Gebroe-Hammer arranges five multifamily trades
PLAINFIELD/NORTH PLAINFIELD, NJ —Central New Jersey’s multi-family trading pace is quickening at the mid-year mark, with five transactions involving a total of 510 units throughout the Plainfields recently arranged by Gebroe-Hammer Associates. Four of the properties were located in Plainfield/Union County with the fifth, Greenwood Gardens, in North Plainfield/Somerset County.
In Plainfield, the brokerage team of Gehane Triarsi and Adam Zweibel represented the seller and procured the buyer of 701-711 Kensington Ave. The three-story, 18-unit apartment building, which sold for $2.35 million, is centrally situated in the Watchung Putnam neighborhood, less than a mile from the Netherwood and Plainfield train stations.
“Plainfield’s population continues to grow at a record-setting pace for the city and, as a result, there is tremendous demand among the tenant base,” said Triarsi. “Where there is tenant demand, associated with historically strong occupancy rates, there is tremendous investor demand.”
Zweibel and senior vice president Nicholas Nicolaou also arranged the $2.07 million trade of 39 units at 607-611 Madison Ave., between W. 6th and W. 7th Streets (pictured). The four-story Van Wyck Brooks district property is within walking distance of local shopping, restaurants, schools, bus stops and parks.
Additionally, the Triarsi/Zweibel team closed two separate sales involving 37 units at 703-713 Plainfield Ave. and 12 units at 204 E. 9th St., sold for $2.1 million and $1.2 million, respectively. Triarsi represented the seller, 703 Plainfield LLC, in the disposition of these two properties as well as the Kensington Ave.property.
Plainfield is a major transportation hub for commuters, despite the lack of an interstate highway within its borders. Major thoroughfares include the retail-laden U.S. Route 22, which connects the Lehigh Valley in Pennsylvania with Newark, and U.S. Rte.1 & 9. Entry to I-287 and I-78 can be accessed through neighboring communities.
Just north of Plainfield lies the borough of North Plainfield, where the Gebroe-Hammer team of executive vice president Greg Pine and sales associate Eli Herskowitz rounded out the firm’s latest Central New Jersey sales with the trade of Greenwood Gardens. Located at 1300 Route 22, the 404-unit garden-apartment complex features a mix of one- and two-bedroom layouts as well as newly installed vinyl insulated windows, hardwood oak flooring and on-site laundry facilities.