1003 Park Ave. in Plainfield — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
An investor has sold a four-building, 58-unit apartment portfolio in Plainfield for $6.4 million, some two years after acquiring the properties.
Gebroe-Hammer Associates, which brokered both deals, said an unnamed buyer acquired the portfolio from Plainfield MF LLC in the latest transaction. The portfolio includes buildings on Park Avenue and East 7th Street — including 10 units at 1003 Park Ave., six units at 122-124 East 7th St., 28 units at 128 East 7th St. and 12 units at 138 East 7th St.
Adam Zweibel, vice president with Gebroe-Hammer, arranged the deal. He also orchestrated the June 2016 transaction in which Plainfield MF acquired the properties for $4.7 million.
“Plainfield, an urban center of 10 closely allied Union County municipalities, combines suburban character, walkability to lifestyle amenities, superior transit and proximity to major employment centers in New Jersey and New York City,” Zweibel said. “After just two years and minimal-to-moderate capital improvements, the seller realized a (30 percent) return on investment — a good indicator that Plainfield is gaining even greater momentum in redefining its historical identity.”
Layouts within the portfolio range from studios to five-bedrooms, with a high concentration of one-, two- and three-bedroom floorplans, Gebroe-Hammer said. The neighborhood housing stock includes a mix of single-family homes and apartment complexes, many of which were built between 1920 and 1969.
“Demand for real estate in the Randolph Road/Park Avenue section of the city is above average, in turn signaling favorable market fundamentals for the foreseeable future,” Zweibel added. “This trend is being fed by a surging Plainfield population that continues to grow at a record-setting pace for the city, which boasts a nicely balanced working population of executives, sales and service workers, manufacturing workers and laborers.”