20 West Holly St. in Cranford — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
Five apartment properties with a combined 117 units have changed hands in Essex, Union and Monmouth counties, in a series of newly completed deals by Gebroe-Hammer Associates.
The largest property, which spans 40 units at 57-73 South Walnut St. in East Orange, changed hands for $6.65 million. Gebroe-Hammer Executive Managing Director David Oropeza represented the seller, Nova EO Portfolio I LLC, and the buyer, JBC Land LLC.
In Bradley Beach, Senior Vice President Adam Zweibel arranged the $6.3 million sale of 38 units at 201 Lareine Ave. He represented both the seller, Lareine Ave LLC + 4810 LLC, and the buyer, an unnamed private investor.
Meantime, Executive Vice President David Jarvis represented Stolar Capital 17 LLC in its sale of 20 West Holly St., a 19-unit property in Cranford. Zweibel procured the buyer, Home Crest Capital LLC, which paid $5.75 million for the asset.
Zweibel also spearheaded the $985,000 trade of 13 residential and three commercial units at 700 Chancellor Ave. in Irvington on behalf of the seller, Chancellor Ave LLC, and the buyer, SGNJ Properties LLC. In Newark, Zweibel and Oropeza inked the $675,000 sale of seven units at 202-204 Ridgewood Ave. on behalf of the seller, HP Group Properties of USA LLC, and the buyer, a private investor.
The five transactions totaled $20.33 million.
“This corridor that follows the Garden State Parkway — from Eastern Monmouth County through Union County to East Essex County — is among the most densely populated and in-demand in the state of New Jersey, in terms of its age-diverse tenant population,” said Zweibel, a Central and North Jersey market specialist. “Across the board, multifamily investors are pursuing value-add property acquisitions that allow them to cast their net across today’s wide and varied tenant base — from college grads and established millennials to executives with families and empty nesters, all of whom have and will continue to embrace rental living and shore up long-term property appreciation.”