Elizabeth’s Imperial House Apartments sells for $21.3M in trade orchestrated by Gebroe-Hammer
Elizabeth, NJ — In the City of Elizabeth, New Jersey’s fourth most-populous city, Gebroe-Hammer Associates has orchestrated the $21.3M sale of Imperial House Apartments, a 109-unit, 13-story high-rise at 750 N. Broad St. Executive vice presidents Stephen Tragash and David Jarvis exclusively represented the seller, Landmark Companies based in Keasbey, and procured the buyer, a private investor, in the transaction.
Built in 1960 and acquired by Landmark Companies in 1986, the property is located within the budding North Elizabeth neighborhood where redevelopment is centered around a commuter-rail station that bears the same name. Comprised of 12 studios, 48 one-bedroom, 44 two-bedroom and five three-bedroom layouts, Imperial House offers tenants nine different floorplan options ranging from 490 s/f to 1,350 s/f. Select units also include sunrooms, dining rooms and 25-foot outdoor balconies.
“Imperial House is considered an iconic residential fixture in the city, where about 75 percent of the population is renters and nearly 70 percent of the housing stock originates from 1969 or earlier,” said Tragash, the firm’s Elizabeth market specialist. “This level of sustained tenant demand, which is even higher at the neighborhood level, and dominant post-war housing vintage establish the basis for Imperial House’s future value-add capabilities and an even higher profile under new ownership.”