Maybrook Plaza Apartments in Maywood — Gebroe-Hammer Associates
By Joshua Burd
Brokers with Gebroe-Hammer Associates have had a busy stretch in Bergen County recently, arranging more than $70 million in multifamily investment sales.
The largest among them was the $18.225 million trade of the 124-unit Maybrook Plaza Apartments, located at 129 Maybrook Dr. in Maywood, according to a news release from the firm. Gebroe-Hammer President Ken Uranowitz and Vice President Joseph Brecher exclusively represented the seller of the one- and two-bedroom garden community, Maywood Developers LLC, while Brecher procured the buyer, Maybrook Plaza LLC.
All told, the Livingston-based brokerage announced the trade of more than 300 units in its recent run of activity in Bergen County. The firm attributes the latest level of investment interest to a wave of new development, along with Bergen County’s affluent demographic, safe suburban profile and proximity and mass transit options to Manhattan.
“Bergen County’s multifamily housing stock has always had — and continues to have — a magnetic pull on investors due to historically low vacancy rates and peak property appreciation associated with its location and high-income population,” Greg Pine, executive vice president and the firm’s Bergen County market specialist, said in a prepared statement. “With 70 different zip codes, yet no large cities, Bergen County’s recent wave of new construction is attracting an even broader tenant pool that favors renting over homeownership across the board, from families to single millennials.”
In Hackensack, the brokerage team of Pine and Debbie Pomerantz, vice president, arranged the $8.7 million sale of Madison Arms at 52 Madison St. The 30-year-old property is 100 percent occupied and within a mile of two train stations and accessible to NJ Transit bus routes.
“Over the course of the next two and a half years, Bergen County occupancies are expected to be at about 97 percent with asking-rent gains — already positive over a nine-quarter period — rising,” said Pine, who recently sold an additional 144 units in the county. “As the second largest multifamily submarket in northern New Jersey, Bergen County is very, very unique when it comes to apartment-building investments.
“They gain in a positive economy and they remain stabilized in downturns.”