Paterson/Passaic, NJ — Gebroe-Hammer Associates has announced the $17M sale of a nine-property, 133-unit collection of early-20th-Century apartment buildings strategically situated in North Jersey’s Passaic County. The transaction was arranged by senior vice president Debbie Pomerantz, who represented the seller, Golden Equities LLC, and procured the buyer, an unnamed private investor. Located throughout the cities of Paterson and Passaic, eight of the nine properties are within two miles of one another. The portfolio is comprised of a diverse mix of studio and one-, two-, three- and four-bedroom layouts in an apartment-dominated submarket where almost half of the residential housing is comprised of duplexes, homes converted to apartments and small apartment buildings.
“The Silk City Portfolio – aptly named for the area’s once-high concentration of silk mills – presents new ownership with the key property management advantage of proximity,” said Pomerantz. “This also is extremely favorable for realizing portfolio-wide property repositioning through value-add capital improvements.”
According to Pomerantz, who is the firm’s Passaic County market specialist, the Silk City Portfolio’s properties are primed for implementation of value-add enhancements. These include apartment-home units, common areas and/or exterior enhancements. “Over the short- and long-term, these initiatives will boost property and rent appreciation values,” she said.