Gebroe-Hammer Associates markets 406-unit multifamily portfolio in receivership

Livingston, NJ — Gebroe-Hammer Associates has been appointed as the exclusive listing agent to market the in-receivership Garden State Portfolio, a 406-unit, 29-building collection of apartment properties spanning the entire state of New Jersey. Executive managing director Joseph Brecher is spearheading the assignment, which was awarded by Colliers International as receiver. Comprised of garden-style and low-rise buildings throughout well-established and emerging municipalities statewide, the underperforming properties are being marketed in an open-bid process collectively, as smaller packages and individually. The assets are located across the in-demand submarkets of Bergen, Passaic, Hudson, Union, Middlesex, Camden, Atlantic and Salem counties, all of which are along the coveted New York City-to-Philadelphia corridor. “The Garden State Portfolio presents intrinsic value-add and repositioning components, as well as the benefit of economies of scale associated with a property package of this categoric size and geographic scope,” said Brecher. “Because of its potential to realize tremendous untapped upside, this offering targets investors concentrated on multifamily assets with at-market renovation and stabilization potential and an ability to capture higher rent-premium benchmarks.”


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