Investor Demand in Northern New Jersey’s Multi-Family Market Continues to Accelerate
LIVINGSTON, N.J., – November 17, 2014 – (RealEstateRama) — Transaction activity in Essex County, N.J.’s multi-family investment market continues to accelerate, as indicated by the recent sale of a $3.77 million asset in Belleville arranged by Gebroe-Hammer Associates. The firm’s market specialist team of Vice Presidents Nicholas Nicolaou and Stephen Tragash exclusively represented the seller and identified the buyer.
The well-maintained 242 Washington Avenue complex is a five-story, elevator building, consisting of 36 studios, 9 one-bedroom units and 6 two-bedroom units. With a brick, Tudor-style façade, the building recently underwent extensive renovations, including updating kitchens, bathrooms and windows. It features 27 garages and laundry facilities and is within walking distance to shops, restaurant and the public library. The property’s location also offers easy access to major highways as well as bridges and tunnels to New York City.
“This asset garnered considerable interest due to its prime location in Essex County,” said Nicolaou. “It is less than 12 miles from the employment and entertainment hub of Manhattan and under five miles to Newark and Montclair. We expect this level of investor demand in northern New Jersey multi-family assets to continue throughout the fourth quarter of 2014 and well into 2015.”
Established in 1975, Gebroe-Hammer Associates specializes in suburban and urban high-rise, mid-rise and garden-apartment properties throughout New Jersey and Pennsylvania, including Philadelphia, as well as New York, throughout the Northeast and nationally. The firm also markets mixed-use and free-standing office and retail properties on behalf of a wide range of long-term clients, including private owners, REITS, private equity firms and other institutional investors. Widely recognized for its consistent sales performance, the firm is a 10-time CoStar Power Broker.
Media Contact: Katie Meccia / (201) 796-7788 / katie (at) caryl (dot) com