TODAY’S DEALS: Gebroe-Hammer Arranges Sale of Six Multifamily Properties for $26.8M
- Sep 12, 2008
By Anuradha Kher, Online News EditorNewark, East Orange, Irvington, Rahway, Plainfield and Union City, N.J.–Gebroe-Hammer Associates recently arranged the sale of six multifamily properties exceeding $26.8 million, and totaling 422 units in Newark, East Orange, Irvington, Rahway, Plainfield and Union City, N.J.The deals include the $14 million sale of a Newark multifamily portfolio, involving eight buildings and 256 units located on Martin Luther King Blvd.; the $8.1 million sale of Netherwood (pictured), a 108-unit complex located at 825 E. Front St. in Plainfield; the $1.712 million sale of 132-134 Elm St., a 16-unit property in Rahway; the $1.05 million sale of 116 Lenox Ave. in East Orange; the $725,000 sale of 37 40th St. in Irvington, a fully occupied 11-unit garden apartment complex and the $1.225 million sale of 14 units in Union City. “Each of these counties serves as an extension of Manhattan, where New Jersey commuters establish their place of residence to get more space for less rent as compared to across the Hudson River,” says Ken Uranowitz, the firm’s managing director. “As a result, vacancy rates are low in this tri-county region, and investors are aggressively pursuing multifamily investments in the cities as well as suburbs.” Uranowitz adds, “Multifamily housing product supports the urban employment centers of Essex, Union and Hudson County, and the area is ideal for Manhattan-bound commuters. For this reason and the fact that this particular asset class continues to be the most stable in an uncertain economic environment, the multifamily housing market will remain strong and vibrant throughout the rest of the year.”Orbach Group Sells Three Rental Projects for $12MHackensack, Little Ferry, Middlesex, N.J.–The Orbach Group has sold three of its rental projects, featuring 106 units, located in Hackensack, N.J., for $12 million. Fort Lee, N.J.-based Lenox Real Estate Partners purchased the properties. Located at 107 Hudson St. in Hackensack; 440 Liberty St. in Little Ferry and 57 Park Brook Gardens in Middlesex, the three buildings are more than 98 percent occupied. The projects feature studios, one- and two-bedroom units ranging in rents from $800 to $1,250. The Orbach Group purchased the complexes in 2007 as part of a $45 million, 13-building package. The other buildings will remain under the Orbach Group’s management. “We are leveraging the proceeds on the sale of these three properties to strategically realign our portfolio,” says Meyer Orbach, president and CEO of The Orbach Group. “The proceeds from this sale will further enhance The Orbach Group’s ability to expand into the Manhattan real estate market.” Recently, the firm purchased Miry Run Apartments, a nine-building complex housing 144 units in Hamilton, NJ. The acquisition is the second Hamilton property in the company’s portfolio.