Gebroe-Hammer Associates Arranges Two Separate N.J. Multi-Family Trades Totaling $113.5 Million

Transactions Set Benchmark as One of the State’s Largest Transactions at Mid-Year Mark

Livingston, N.J., June 15, 2015 – Gebroe-Hammer Associates has represented Forest Realty in the estate sale of two separate multi-family properties sold for a combined $113.5 million in Springfield and Morristown, N.J. The firm’s brokerage teams, led by Managing Director Joseph Brecher, also identified the buyers of Short Hills Village Club (Springfield) and Franklin Manor (Morristown). The sale of the properties, which were owned by Forest Realty for over 40 years, represents one of the state’s largest multi-family transactions recorded in 2015 thus far.

“Both of these well-maintained properties are at the center of it all in terms lifestyle amenities and access to mass transit, shopping and dining,” said Brecher. “Springfield and Morristown are highly desirable multi-family investment markets due to the strength of their tenant pool, sustained population growth and proximity to employment centers and some of the state’s largest employers, such as Bayer and Honeywell.”

Short Hills Village Club, which was acquired for $83.5 million by SH Club Village, LLC, is a unique 286-unit garden-apartment and townhome community located at 67A Forest Dr., on the Millburn/Short Hills border of Springfield. The 26-building complex is comprised of three different phases, each of which has been newly renovated or newly constructed in the past five years.

The community features a mix of one- and two-bedroom layouts with basements or lofts as well as one-to-two baths. Townhome-style living options range from two-to-four bedrooms with two or two-and-a-half baths. In addition to spacious closets, air conditioning, modern kitchens and hardwood flooring, each unit has a washer and dryer. Seven laundry facilities, an on-site fitness center, swimming pool, playground, 489 parking spaces and 116 garages also are located throughout the 19.8-acre complex.

The second property, located at 114 Franklin St. in Morristown, was acquired by RK Franklin LLC, for $30 million. Franklin Manor is a 140-unit garden-style apartment community located on a private road in a quiet, park-like residential neighborhood. Each of the spacious one- and two-bedroom layouts features hardwood floors, modern kitchens and air conditioning, with washers/dryers available in some apartments. Free on-site parking is available in a 177-space lot that also houses 57 garages.

All of the region’s major highways and railways intersect through or just a few miles from the densely populated municipalities of Springfield Township and Morristown. These include I-80, I-78 and I-287; the Garden State Parkway and NJ Turnpike; and Routes 22, 24 and 124. The Short Hills Train Station and Morristown Train Station offer direct service to NY Penn Station in Midtown Manhattan.

In addition to the Springfield and Morristown property trades, Brecher recently arranged the sale of the lease-hold interest for Forest Glen in Highland Park, N.J. on behalf of the seller’s estate.

Legal representation in the two latest transactions was provided by Thomas E. Cohn, Esq., of Coughlin Duffy LLP, in Morristown, N.J., on behalf of the seller; Steven D. Fleissig, Esq., of Greenberg Traurig in Florham Park, N.J., on behalf of the Springfield buyer; and Kenneth Gliedman, Esq., of Lichter, Gliedman, Offenkrantz PC in New York City on behalf of the Morristown buyer.

Based in Livingston, N.J., Gebroe-Hammer is one of the most active multi-family investment sales brokerage firms in the tri-state region. The firm’s brokerage activities concentrate on suburban and urban high-rise and garden-apartment properties throughout the Northeast and nationally. Gebroe-Hammer also markets mixed-use and free-standing office and retail properties. Widely recognized for its consistent sales performance, the firm is a 10-time CoStar Power Broker.

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Carin McDonald
CMM Strategic Communications
189 Berdan Avenue, #282
Wayne, NJ 07470
Office: 973.513.9580
Mobile: 201.637.7264