Gebroe-Hammer reports Central Jersey multifamily sales of $64.9+M in Middlesex County
Middlesex County, NJ — As the midpoint between NYC and Philadelphia, Central New Jersey’s Middlesex County has distinguished itself as a sustained multifamily-investment trading-activity hotbed during the past decade. In the past two months alone, Gebroe-Hammer Associates has arranged $64.9 million in sales involving more than 269 units spanning the East, Southwest and Northwest Middlesex submarkets. In each of the sales, Gebroe-Hammer’s investment brokers exclusively represented each of the sellers and procured the buyers. Market specialists involved in one or more of the transactions included president Ken Uranowitz; executive managing directors Joseph Brecher and David Oropeza; and executive VPs Greg Pine, Niko Nicolaou and Steve Tragash. The transactions included a mix of new-construction class A and value-add properties, the latter of which offered significant upside and repositioning potential. “The three Middlesex County submarkets account for the largest and second- and third-largest of Central Jersey’s nine unique submarkets, in terms of total unit inventory,” said Brecher, who consistently spearheads the region’s most prominent deals. “As a result, this apartment-rich corridor has more than 80,765 units and over 258 buildings. It is one of the most in-demand submarkets in the state and appeals to a highly educated tenant base as well as investors seeking to add the full range of apartment properties to their portfolio.” From South Plainfield and Woodbridge Twp. in the north to Princeton Meadows and Monroe Twp. at the southern tip, Middlesex County has earned the distinction as one of the largest and top-performing commercial real estate markets in the country.