Livingston, NJ — It seems nothing – not even the unpredictable weather in Q1 2018 – could dampen multi-family investment velocity for the Livingston, NJ-based brokerage firm Gebroe-Hammer Associates, which recorded a total of 23 deals totaling 2,438 units sold for a combined $340.54 million to close out the first three months of the year. During the quarter, the firm’s multi-family market specialists had the highest concentration of sales in New Jersey’s Hudson and Essex counties – both of which continue to be hotbeds for development, revitalization and gentrification.
“Millennials and Baby-Boomers, not to mention the Great Recession, have shifted the dynamics of residential living even further toward rentals,” said Ken Uranowitz, president and a 43-year multi-family investment brokerage veteran. “From a lack of home affordability and family formation, to an aging population exiting single-family home ownership for a maintenance-free easier lifestyle, multi-family properties have remained atop the food chain of real estate investment by attracting record demand for value-add opportunities in cities undergoing a rebirth, properties bridging new construction and pre-1970s product in well-established suburban communities.”
Uranowitz added, “Regardless of where multi-family assets are located, as long as they are near – and transit accessible to – employment centers like Jersey City, Newark, New York City and Philadelphia, as well as lifestyle services, they are competitively bid upon. Supply is short, and competition is fierce.”