One of Essex County’s newest luxury apartment projects has reached another leasing milestone, passing the 80 percent mark about six months after opening its doors.
The New Jersey Apartment Association has stepped up its lobbying efforts in policy issues affecting the state’s overall business community, as it continues to advocate for legislation that will help the multifamily housing industry.
Apartment rental rates in northern New Jersey will grow for the sixth consecutive year, a new report has found, as leasing activity keeps pace with the roaring pace of new construction.
The Kislak Co. Inc. has sold an apartment portfolio spanning five properties in East Orange, in what the firm says is the largest multifamily sale in the city since 2012.
Experts touted the success of two separate classes in the state’s multifamily sector. One set consists of the high-end, newly built rentals along the Hudson waterfront, while the other includes the older, garden-style apartments that are farther west, but ripe for value-add improvements.
More than 8,000 apartments will be delivered this year through new construction in northern New Jersey, the highest total of any year to date in the current real estate cycle.
Gebroe-Hammer Associates has brokered more than 100 multifamily deals totaling some $1.4 billion in value through the first three quarters of 2016, the firm announced.
Brokers with Gebroe-Hammer Associates have had a busy stretch in Bergen County recently, arranging more than $70 million in multifamily investment sales.
A midrise apartment building in Morristown has traded hands for $18.5 million, the largest among more than $50 million worth of recent investments sales orchestrated a veteran broker with Gebroe-Hammer Associates.
