Today’s Deals: Luxury High-Rise in New Jersey Sells for $23.55M, and Other Transactions
- Aug 07, 2008
By Anuradha Kher, Online News EditorHackensack, N.J.–Gebroe-Hammer Associates recently arranged the sale of The Carlyle (pictured), a luxury hi-rise apartment building in the heart of Hackensack, N.J., for $23.55 million.Hekemian & Co sold the property to a private New Jersey-based investment group.“The Carlyle is at the center of Hackensack’s finest residential neighborhood and has earned a reputation for providing superior apartment-style living in close proximity to New York City,” says Ken Uranowitz, managing director at Gebroe-Hammer Associates. “It is rare that a property of this caliber comes to market in Bergen County, where multifamily housing product is being acquired at an unprecedented pace.”24-Unit Rental Building Sold for 1.425MLos Angeles–On behalf of a private investor, Charles Dunn Co. recently negotiated the purchase of a 24-unit apartment building located at 916 S. Lake St., in Los Angeles, for $1.425 million.The building was almost 90 percent leased at the time of the purchase.“My client purchased the property to add to his multifamily portfolio and found this to be an attractive investment due to the strong rental demand in the area, existing cash-flow and rental upside for the future,” says Bryan Glenn who represented the buyer. “Despite upward pressure on capitalization rates, the demand for multifamily investments remains high because of the strength of rental rates, low vacancy factor and long-term outlook for housing needs in Los Angeles.”Marcus and Millichap represented the seller, P.I. Properties 69.