Gebroe-Hammer Associates announced Tuesday it has brokered the $300 million sale of a multifamily portfolio in North Jersey.
The 1.12 million-square-foot, 134 building portfolio consists of 1,800 units spanning the “high-barrier-to-entry submarkets” in Essex and Bergen counties, Gebroe-Hammer said.
The portfolio is predominantly comprised of one- and two-bedroom units, and some duplex-style options.
The Gebroe-Hammer team of Ken Uranowitz, president, and Joseph Brecher, executive managing director, along with Greg Pine, executive vice president; Debbie Pomerantz, senior vice president; and Tim Blashford, sales representative; exclusively represented the seller and procured the buyer.
“This sale marked an unprecedented concentration of well-maintained apartment homes to come online in the state’s highest-barrier-to-entry multi-family investment markets,” Uranowitz said. “Once in a generation, if ever, does a portfolio of this magnitude come to market in such desirable locations offering value-add appreciation opportunities through unit renovations and capital-improvement implementations on a grand scale.”
The properties in the portfolio all include new wood floors, full-sized kitchens with modern appliances, large closets and baths with ceramic flooring, tubs and sinks, Gebroe-Hammer said.
“While the highest concentration of the North Jersey Metro Portfolio’s historically stabilized and well-occupied multi-family properties span two of Northeast Essex’s most-popular out-commuter neighborhoods, approximately 40% of the units are centrally located in the affluent Bergen County submarket, just a few miles from the metro’s epicenter of employment – Midtown Manhattan,” Brecher said. “Each also offers walkable proximity to transit as well as a short distance to upscale retail, dining and cultural attractions extending from Upper Montclair to Hackensack and Englewood Cliffs.”