By Joshua Burd
A multifamily buyer has paid more than $300 million for a 134-building portfolio spanning more than 1,800 units in Essex and Bergen counties, Gebroe-Hammer Associates announced.
The Livingston-based brokerage said Tuesday that it represented a longtime client in the sale of the 1.12-million-square-foot portfolio, which features garden-style properties near schools, retail and recreation amenities and access points to the New Jersey Turnpike and Garden State Parkway. Units within the properties range from studios to two-bedroom duplexes.
Gebroe-Hammer did not disclose the exact properties and addresses within the portfolio.
“This sale marked an unprecedented concentration of well-maintained apartment homes to come online in the state’s highest-barrier-to-entry multifamily investment markets,” said Ken Uranowitz, Gebroe-Hammer’s president. “Once in a generation, if ever, does a portfolio of this magnitude come to market in such desirable locations offering value-add appreciation opportunities through unit renovations and capital-improvement implementations on a grand scale.”
Uranowitz and Executive Managing Director Joseph Brecher spearheaded the sale along with Executive Vice President Greg Pine, Senior Vice President Debbie Pomerantz and Sales Representative Tim Blashford. The firm also procured the buyer, whose name was not disclosed.
In announcing the sale, Gebroe-Hammer noted that each unit includes newly finished hardwood floors, modern appliances, abundant closet space and baths with ceramic-tile flooring and ceramic tubs and sinks
“While the highest concentration of the North Jersey Metro Portfolio’s historically stabilized and well-occupied multifamily properties span two of northeast Essex’s most-popular out-commuter neighborhoods, approximately 40 percent of the units are centrally located in the affluent Bergen County submarket, just a few miles from the metro’s epicenter of employment — Midtown Manhattan,” Brecher said. “Each also offers walkable proximity to transit as well as a short distance to upscale retail, dining and cultural attractions extending from Upper Montclair to Hackensack and Englewood Cliffs.”