Gebroe-Hammer Associates has been chosen as the exclusive listing agent for a collection of apartment properties around the state that is currently in receivership.
Colliers International, the receiver, awarded the assignment to the Livingston-based firm’s Joseph Brecher, executive managing director. The 29-building, 406-unit “Garden State Portfolio” spans the state, and includes underperforming properties in both well-established and emerging locations, Gebroe-Hammer noted.
“The Garden State Portfolio presents intrinsic value-add and repositioning components, as well as the benefit of economies of scale associated with a property package of this categoric size and geographic scope,” Brecher said in a prepared statement. “Because of its potential to realize tremendous untapped upside, this offering targets investors concentrated on multifamily assets with at-market renovation and stabilization potential and an ability to capture higher rent-premium benchmarks.”
The garden-style and low-rise properties are located in:
- Pennsville, 76 units;
- Union City and Guttenberg, 67 units;
- Elizabeth, 66 units;
- Brooklawn, 54 units;
- Atlantic City, 51 units;
- Garfield, 34 units;
- Perth Amboy, 17 units;
- Ridgefield Park, 15 units;
- Clifton, 14 units;
- Jersey City, 12 units.