By Joshua Burd
Gebroe-Hammer Associates is touting more than $1 billion in completed transactions in 2018, setting up for what it says will be a fruitful year for multifamily investment sales.
The brokerage firm announced that it closed out the year with more than $1.1 billion in total deal volume, accounting for the sale of more than 8,200 apartments in the region. In December alone, Gebroe-Hammer arranged 14 trades valued in excess of $114.21 million and encompassing 1,076 units from northern New Jersey to the Philadelphia suburbs.
“Since Gebroe-Hammer’s primary focus is multifamily property sales, these totals are solely attributed to apartment buildings that run the full spectrum of asset classes — from Class A trophy buildings to value-add Class B/C midrise properties and garden communities poised for capital improvements, unit renovations and repositioning,” said Ken Uranowitz, president of the Livingston-based firm.
Gebroe-Hammer’s activity in northern and central New Jersey in 2018 spanned nine deals for a combined 472 units and $58.5 million in value, according to a news release. In greater Philadelphia and South Jersey, the firm completed five transactions accounting for 605 units and $55.71 million.
The brokerage also said it remained bullish for 2019, citing rent growth data from Reis. According to the commercial real estate data service, the North Jersey, Central Jersey and greater Philadelphia metros have experienced rent increases over the past 12 months of about 5.5 percent, 2.5 percent and 6.9 percent, respectively.
“Our brokerage professionals are deeply entrenched in the tristate area’s ever-evolving multi-family investment markets,” Uranowitz said. “As a result, our area expertise, coupled with an expanding client base and services, has grown at a pace commensurate with the surging development and gentrification of urban and suburban municipalities during the past decade.”
