PLAINFIELD, NJ — In the high-population-density City of Plainfield, where apartment renters outpace homeowners and multi-family investment interest is soaring, Gebroe-Hammer Associates has arranged three separate transactions totaling 144 units sold for a combined $17.3 million. Vice president Adam Zweibel spearheaded each of the sales where the firm represented the sellers and procured the buyers, including one that established a new all-time-high per-unit-price benchmark for the Queen City.
The sale of Netherwood Pointe, a newly constructed 25-unit apartment home community located at 916-926 South Ave., closed for $5.3 million – setting a new price-per-unit standard of $212,000. Built in 2014, the upscale three-story property features an array of amenities such as granite countertops, balconies and patios and in-unit washers and dryers. Netherwood Station is just a three-minute walk and offers service on the Raritan Valley Line with connections to Newark Penn and NY Penn Stations.