Gebroe-Hammer records $333m+ in Central/Northern New Jersey’s most prominent Q3 sales
LIVINGSTON, NJ — Central and Northern New Jersey are figuring prominently on the state’s multi-family investment landscape, leading with some of the region’s most noteworthy transactions arranged by Gebroe-Hammer Associates. During the third quarter alone, the Livingston-based investment brokerage firm recorded sales totaling more than $333 million involving 1,270 units spanning Morris, Somerset and Union counties.
Each of the six separate transactions involved suburban apartment-home assets, ranging from newly renovated, upscale core communities to properties primed for capital improvements in order to render them more competitive. Among those properties poised for repositioning was Hamilton House and Jefferson House.
“This portfolio was highly unique in that almost 92% of the total units were distinct two-bedroom layouts,” said Stephen Tragash, senior vice president, who arranged the sale as part of a brokerage team that included managing director Joseph Brecher. “The opportunity to implement capital improvements, including condominium-style finishes in the kitchens and baths, to achieve significant rent appreciation is what rendered the already well-maintained Hamilton and Jefferson House an extremely desirable acquisition.”
Nearby, the Tragash and Brecher team also arranged the sale of a class-A garden-apartment community, where they represented the seller and identified the buyer.
Additional Q3 trades in these submarkets included the sale of a 140-unit garden-apartment community for $30 million in Morristown/Morris County and the 404-unit trade of Greenbrook Gardens in North Plainfield/Somerset County, the latter of which was arranged by Pine and sales associate Eli Herskowitz.
Tragash and Pine also represented the owner and procured the buyer of the three-story all-brick façade building located at 37 E. Main St., in Rockaway/Morris County.