357 West End Ave. in Elizabeth, part of a 29-building, 406-unit apartment portfolio now being marketed by Gebroe-Hammer Associates — Courtesy: Gebroe-Hammer
By Joshua Burd
A sprawling collection of more than 400 apartments is on the market for sale in New Jersey, in a newly announced offering by Gebroe-Hammer Associates.
The brokerage firm said Monday that it has been appointed as the exclusive listing agent for the in-receivership portfolio, which stretches from Ridgefield Park to Atlantic City. Executive Managing Director Joseph Brecher is spearheading the 29-building, 406-unit assignment, which was awarded by Colliers International as receiver.
“The Garden State Portfolio presents intrinsic value-add and repositioning components, as well as the benefit of economies of scale associated with a property package of this categoric size and geographic scope,” Brecher said. “Because of its potential to realize tremendous untapped upside, this offering targets investors concentrated on multifamily assets with at-market renovation and stabilization potential and an ability to capture higher rent-premium benchmarks.”
Comprised of garden-style and low-rise buildings throughout the state, the underperforming properties are being marketed in an open-bid process collectively, as smaller packages and individually, according to a news release. The assets include:
- 17 Teaneck Road in Ridgefield Park
- 77 Prospect St., 113-115 Banta Ave. (aka 132 Jewell St.), 123 Pierre Ave. and 95 Jewell St. in Garfield
- 125 6th in Clifton
- 2911 Bergenline Ave., 2817 Palisade Ave., 714 22nd, 512 26th St., 530 and 540 28th St., in Union City
- 337-341 68th in Guttenberg
- 66-68 Wallis Ave. in Jersey City
- 357 West End Ave. and 76-90 DeHart Place in Elizabeth
- 337 and 339 Washington St., 197-199 Grant St., 359-361 Gordon St. in Perth Amboy
- 212, 214 and 225 Atlantic Ave. in Atlantic City
- 301, 401, 501 Browning Lane in Brooklawn
- 12 Meadow Road in Pennsville
Gebroe-Hammer noted that the portfolio touches both the New York City and Philadelphia markets, providing its long-term resiliency in every type of economic cycle. The Livingston-based brokerage also cited the state’s transit and highway connectivity and its diverse economy, which includes blue-chip employers, Fortune 500 companies and centers of academia.
“In general, New Jersey is classified as a suburb of New York City and Philadelphia, yet it has its own urban centers, semi-urban municipalities and bedroom-community towns — all of which make up the Garden State Portfolio,” Brecher said.
