By Joshua Burd
A private investor has acquired a 50-unit garden apartment complex in Lodi, in a nearly $8 million sale brokered by Gebroe-Hammer Associates.
The multifamily brokerage firm said it represented Arthur Holding Co. LLC in the sale of 82 Contant Ave., a complex just off Route 46 East. Following the $7.75 million trade, brokers are touting its potential for value-add and property repositioning.
Gebroe-Hammer Executive Vice President Greg Pine and Senior Vice President Debbie Pomerantz handled the assignment for the Livingston-based firm.
“Lodi has emerged as a Bergen County breeding ground for multifamily investment and an influx of millennial-age tenants because of its unique appeal and reliance on commuter-bus transit options,” Pine said. “Redevelopment projects in Lodi and the surrounding municipalities of Garfield and Hackensack are bolstering market fundamentals while offering even greater access and convenience associated with a higher concentration of suburban-based urban lifestyle amenities and services.”
Made up of three two-story buildings, 82 Contant sits on 0.39 acres, according to a news release. The property was built in 1966, but benefits from what Gebroe-Hammer says is above-average housing demand in the borough.
The firm also touted Lodi’s walkability and access to good schools, retail, dining and employment centers throughout northern New Jersey and Midtown Manhattan. The property also offers quick access to NJ Transit bus and rail service.
“Lodi has emerged as a ‘place to be’ among millennial professionals because of its affordability as compared to New York City, Brooklyn and even places along the Gold Coast,” Pomerantz said. “The property is primed for value-add capital improvements in order to appeal to this demographic, which continues to favor a rental lifestyle over homeownership.”
The complex is also the second Lodi property sold by Gebroe-Hammer in the past 12 months, following last winter’s $100 million sale of the 642-unit Cedar Wright Gardens at 77 Mary St.
