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Gebroe-Hammer Associates arranges two Plainfield NJ multifamily sales totaling 97 units / $15.23M


PLAINFIELD, NJ — In the city-on-the-rise of Plainfield, Gebroe-Hammer Associates has arranged two separate multifamily transactions totaling 97 units that sold for a combined $15.23M. The sales of Stoney Brook Gardens at 643-715 E. Front St., and Executive Arms Apartments at 309-315 W. 8th St., were spearheaded by executive vice president Stephen Tragash, a Union County market specialist.“Plainfield has launched an aggressive redevelopment plan focusing on leveraging the medical and performing arts while adding to its existing housing stock in order to attract millennials and families,” said Tragash. “The city’s solid urban core, vibrancy and strong existing infrastructure are what attracted each of the buyers, both of whom recognize the untapped value-add and repositioning potential at these existing properties.” The largest of the two trades involved the $12M sale of Stoney Brook Gardens along the city’s main East Front Street corridor. Built in 1961, the classic garden-apartment complex features 70 units, all of which are 1,033 s/f 2BR/1 Bath layouts. READ MORE

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