Gebroe-Hammer Associates reports $490M in multifamily sales for Q1 2021
Livingston, NJ — Gebroe-Hammer Associates, a nationally ranked multifamily-focused investment brokerage firm, has reported $490M in sales for a total of 4,041 units at the close of Q1 2021. In total, the firm orchestrated 29 transactions on behalf of private equity funds, institutional investors, family offices and private individuals with local, regional, national and global interests.
From January through March, Gebroe-Hammer’s sales spanned New Jersey and the South Jersey Metro/Greater Philadelphia area. Examples of the transaction spectrum include 10 individual property sales across four East Essex County high-population-density urban municipalities; two North Jersey Metro trades totaling $12.65M; three Central Jersey Metro closings involving 98 units; 12 separate South Jersey Metro deals; and two additional unnamed transactions.
“Multifamily properties have established they are on firm footing during this COVID economic recovery with all arrows pointing to 2021 as the year of strong occupancies and positive rent gains,” said Ken Uranowitz, president, who joined the firm at its inception 46 years ago. “Both of these conditions cast multifamily investments in an extremely favorable light, paving the way for considerable rent and property-value appreciation over the long term.”
According to Uranowitz, multifamily’s rebound is rooted in several factors. “Investor demand has been sustained in the COVID-19 economy as compared to previous recessions,” he said. “While investors and financial institutions may have waited for some clarity at the onset and height of the pandemic in 2020, certain economies – North and Central Jersey for example – continued to outperform other metros nationwide. Greater clarity yields heightened confidence and resulting closing activity.”