Livingston, NJ — In a year of shifting health, safety and economic tectonics, Gebroe-Hammer Associates’ preparedness and skilled ability to respond to fluid multifamily-investment client needs resulted in overall 2020 sales of $1.32B. In total, the New Jersey-based investment brokerage firm arranged 78 deals involving 7,080 units across New Jersey, Eastern Pennsylvania and New York State.
To kick off the year, the firm reported $316.4M in sales encompassing 1,574 units at the close of Q1 2020. This marked a carry-over of historic multifamily investment activity that fueled one of the longest and most aggressive apartment-property investment cycles in history.
When COVID-19 virtually halted all other business sectors by mid-March, Gebroe-Hammer continued to close deals at a pace unmatched by its competitive set. As the year concluded, the firm’s market specialists finalized 12 deals in December alone, which totaled $173M for the month.
“The rippling effects of last year affected every facet of society and business, thus warranting an even greater level of connectivity with our clients via electronic or socially distanced means,” said firm president Ken Uranowitz, who was nationally recognized as a Best Boss 2020 for his leadership during this time of uncertainty. “While very different from all other cyclical shockwaves encountered during our 45 years in the multifamily investment sales sector, the pandemic prompted us to employ an agile approach.”
Key sales from Q2 to Q4 included $64.9M in sales over two months of 269+ units spanning Middlesex County; $43.45M sale of Central Jersey’s Bayside Cove in South Amboy; $25.5+M sale of 87 Class A apartment and townhouse units in Woodbridge Twp.; $25.35M sale of Hamilton House in Weehawken; and the $23.75M sale of The Fairmount at McGinley Square in Jersey City, featuring 58 newly constructed luxury apartments atop 3,200 s/f of retail space.
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