Gebroe-Hammer arranges $20.33M sale of 5 separate multifamily trades in N.J.

By Emily Bader
New Jersey | Jan 24, 2020 at 5:15 am

Gebroe-Hammer Associates, a Livingston-based commercial real estate agency, announced on Thursday it has recently arranged five separate multifamily trades for $20.33 million.

Gebroe’s Adam Zweibel, senior vice president, was involved in four of the deals, while the fifth was orchestrated by David Oropeza, executive managing director.

In each trade, Gebroe represented the sellers and identified the buyers. They include:

  • The $6.65 million sale of 40 units at 57-73 S. Walnut St. in East Orange on behalf of the seller, Nova EO Portfolio LLC, and the buyer, JBC Land LLC;
  • The $5.3 million sale of 38 units at 201 Lareine Ave. in Bradley Beach on behalf of the seller, Lareine Ave LLC + 4810 LLC, and the buyer, a private investor;
  • The $5.75 million trade of 19 units at 20 W. Holly St. in Cranford on behalf of the seller, Stolar Capital 17 LLC, and the buyer, Home Crest Capital LLC.
  • The $985,000 trade of 13 residential and three commercial units at 700 Chancellor Ave. in Irvington on behalf of the seller, Chancellor Ave LLC, and the buyer, SGNJ Properties LLC.
  • The $675,000 sale of seven units at 202-204 Ridgewood Ave. in Newark on behalf of the seller, HP Group Properties of USA LLC, and the buyer, a private investor.

“This corridor that follows the Garden State Parkway – from Eastern Monmouth County through Union County to East Essex County – is among the most densely populated and in-demand in the state of New Jersey, in terms of its age-diverse tenant population,” Zweibel, a Central/North Jersey market specialist, said. “Across the board, multi-family investors are pursuing value-add property acquisitions that allow them to cast their net across today’s wide and varied tenant base – from college grads and established millennials to executives with families and empty nesters, all of whom have and will continue to embrace rental living and shore up long-term property appreciation.”