Three N.J. Apartment Buildings Sell for More Than $7 Million
- Jan 10, 2008
Newark, N.J.– Real estate brokerage Gebroe-Hammer Associates recently completed the $7.4 million sale of a three-property portfolio in Newark, N.J.’s Weequahic neighborhood.The portfolio contains 130 rental units in three multifamily complexes. Gebroe-Hammer Sales Associate Elliot Schechter and Executive Vice President David Oropeza represented the seller in the transaction. Senior Vice President David Jarvis secured the investment group who brought the property. Gebroe-Hammer declined to release the name of the buyer or seller.The three-story 129 Chancellor Avenue apartments (pictured) contain 50 units; 603 Elizabeth Avenue is a six-story elevator building with 55 units. With 25 units, 595 Elizabeth Avenue is a garden apartment complex. The fully occupied properties contain a mix of studio, one- and two-bedroom apartments. The buyer plans to upgrade the property to include new windows and kitchen, bathroom and roof renovations as needed. Gebroe-Hammer Associates, headquartered in Livingston, N.J., has specialized in the sale of multifamily, retail and commercial investment properties for more than 30 years.