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| Gebroe-Hammer Associates orchestrated the recent $3.3 million sale of 43 units at 574-582 Washington Ave. in Belleville, N.J., reflecting new momentum for multi-family investment sales in Essex County's suburban areas. |
Gebroe-Hammer Associates
2 West Northfield Road
Livingston, NJ 07039
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Release Date: Thursday, December 03, 2009
Media Contact: Carin McDonald (201) 796-7788
Multi-Family Investments Gain Momentum in Essex County's Suburban Markets with $3.3 Million Sale of 43 Units by Gebroe-Hammer Associates
Centrally Located Property Offers Access to Transit and Urban Centers
BELLEVILLE, N.J., Dec. 3, 2009 - Multi-family investment sales are gaining momentum in Essex County's suburban areas as demonstrated by the recent $3.3 million sale of 43 units at 574-582 Washington Ave. in Belleville, N.J. The deal was negotiated by the Gebroe-Hammer Associates brokerage team of Joseph Brecher and David Oropeza, executive vice presidents, and Nicholas Nicolaou, sales associate, who represented the seller, Belleville Apartment Associates LLC, and procured the undisclosed buyer.
"Suburban Essex County properties are among the strongest and most in-demand for multi-family investment because they offer local access to some of the finest mass transit networks in the state, proximity to key urban centers and New York City and solid rental performance," said Oropeza, who noted Gebroe-Hammer also recently closed on 22 units for $1.55 million in nearby Bloomfield, another suburban stronghold.
The Washington Avenue building, which has been family-owned for the past 40 years, is centrally located along Route 7 at the intersection of Greylock Avenue, in the heart of Belleville. The very well-maintained mid-rise building, which was 98 percent occupied at the time of sale, features a mix of 6 studio, 29 one-bedroom, 7 two-bedroom and 1 three-bedroom units near local shopping and dining. On-site amenities include parking and laundry services. Just a short distance from the building is the Silver Lake Station, linking to Newark Penn Station. The area also is served by eight local NJ Transit bus routes. Nearby highways include the New Jersey Turnpike, Routes 280 and 3 and State Route 21.
"Belleville is a strong metropolitan community and economic growth hub, which is what attracted the buyer, who is a long time Gebroe-Hammer client," said Brecher. Gebroe-Hammer reports area occupancy rates to be 98 percent while average rents range from $825 for a one-bedroom to $995 for a two-bedroom.
"Investors continue to favor properties of this size, and markets like Essex County, where apartment-rental assets consistently perform at 95 to 100 percent occupancy levels," said Ken Uranowitz, Gebroe-Hammer's managing director. "The presence of on-site amenities and proximity to schools, shopping and mass transit further bolster marketability of buildings in this class category among buyers and tenants."
Gebroe-Hammer Associates is the region's dominant real estate investment brokerage firm specializing in the sale of multi-family, retail and commercial properties. In addition to its strong presence in New Jersey, Gebroe-Hammer is active throughout Pennsylvania, including Philadelphia, and New York. Clients include private owners, REITs, private equity firms and other institutional investors.
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