Elizabeth Gardens at 648 Jefferson Ave. in Elizabeth — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
The owner of a two-building, 90-unit garden apartment complex in Elizabeth has retained Gebroe-Hammer Associates to market the property for sale.
According to the brokerage firm, the community at 648 Jefferson Ave. is one block from NJ Transit’s North Elizabeth station and provides renters with quick access to the city’s downtown. A team led by Stephen Tragash is pitching the complex, known as Elizabeth Gardens, as a value-add investment opportunity with inherent property repositioning and upside potential.
“Offering excellent mass transit connectivity via rail, bus, highway and air at nearby Newark Liberty International Airport, Elizabeth Gardens is just minutes removed from New York City and Newark as well as easily accessible to employment centers across northern and central New Jersey,” said Tragash, an executive vice president with Gebroe-Hammer. “All of these traits have individual and collective appeal among the area’s growing investor and tenant bases.”
Built in the 1970s, the collection of studio, one-bedroom, two-bedroom and three-bedroom units sits on 2.3 acres, offering on-site parking and laundry centers, according to a news release. Apartment features include large windows, hardwood flooring, baseboard heat and balconies in select units.
Gebroe-Hammer noted that public officials and developers in Elizabeth are leveraging the city’s grand public-building architecture, strategic location and diverse neighborhoods as part of recent neighborhood revitalization efforts. The firm added that it was gaining traction as a trendy urban-chic enclave offering greater affordability to young professionals.
“Generally speaking, Elizabeth offers out-commuters a 15- to 30-minute commute, which is shorter than time spent traveling to and from work for most Americans,” said Tragash, the firm’s Union County market specialist. “Specifically, Elizabeth Gardens also offers walkability and/or close proximity to Union County College and Kean University, as well as Fairmount Park, The Mills at Jersey Gardens, IKEA and Stop & Shop.”
