Cornell Arms at 735 Park Ave. in Plainfield — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
Four apartment properties in Union County have changed hands for a combined $22.7 million, following a set of transactions announced by Gebroe-Hammer Associates.
The largest among them was the $15.45 million trade of Cornell Arms and Pingry Arms, located less than half-mile apart at 735 Park Ave. and 606 Crescent Ave. in Plainfield, according to a news release. With 114 total units, the six-story midrise properties include layouts ranging from studios to three-bedroom apartments, offering proximity to transit, schools and retail.
Gebroe-Hammer Senior Vice President Stephen Tragash and Vice President Gehane Triarsi brokered the transactions.
“Like its surrounding neighbors, Union County multifamily continues to perform solidly with stabilized occupancy rates, favorable absorption of new product and asking and effective rents that are on the upswing,” Tragash said. “All are projected to remain favorable, which in turn feeds the appetite of multi-family investors.”
Less than one block west of the Plainfield properties, Tragash and Triarsi represented the seller and procured the buyer of Executive Arms, a 27-unit property at 315 West 8th St. The firm said the historic three-story building sits between the main thoroughfares of Madison and Central avenues, featuring studios and one-bedroom apartments.
“Plainfield’s investment appeal is rooted in its (93 percent) renter population as well as a pedestrian-friendly grid, which allows a high-density residential population to get around easily on foot,” Tragash said. “As a result, Plainfield is somewhat unique for a city of its size and its dependence on public transit, of which there are many rail and bus options.”
Gebroe-Hammer’s recent deals also include the $5.025 million sale of 48 units in Elizabeth at David Gardens Apartments. Located at 1055 South Elmora Ave., the courtyard-style community is comprised of 40 one-bedroom and eight two-bedroom units, offering proximity to mass transit connections and local shops.