UNION COUNTY, NJ — At a time when Union County multi-family property owners are commanding higher concession-free rents than in the past, a flurry of long-term owners are “seizing the state of the bull market” to shed their assets, according to Gebroe-Hammer Associates’ Ken Uranowitz, president. This trend spans the entire submarket, from urban centers like Elizabeth and Rahway to suburban bedroom communities such as Roselle Park.
Within a relatively short time period, the firm has sold six separate Union County assets on behalf of owners who felt the time was right to sell. The 245 apartment units sold for a combined $30 million in trades involving Stephen Tragash, senior vice president and the firm’s Union County market specialist. The brokerage teams also included executive managing directors Joseph Brecher and David Oropeza for select transactions.