In what broker Gebroe-Hammer Associates said is one of the largest transactions in New Jersey this year, an 1,800-unit, 1.12 million-square foot multifamily portfolio in northeast Essex and Bergen counties has been sold for more than $300 million. The 134-building portfolio is predominantly comprised of one- and two-bedroom apartments.
Ken Uranowitz, president of Gebroe-Hammer, and Joseph Brecher, executive managing director, engineered the sale with Greg Pine, executive vice president, Debbie Pomerantz, senior vice president and Tim Blashford, sales representative. The firm exclusively represented the unnamed seller, a long-time Gebroe-Hammer client, and identified the buyer.
“This sale marked an unprecedented concentration of well-maintained apartment homes to come online in the state’s highest-barrier-to-entry multifamily investment markets,” Uranowitz said. “Once in a generation, if ever, does a portfolio of this magnitude come to market in such desirable locations offering value-add appreciation opportunities through unit renovations and capital-improvement implementations on a grand scale.”
Collectively, the garden-style complexes feature market-unique floor plans and landscaped grounds, and are located near schools, shopping, dining, transit and parks. The Garden State Parkway and Interstate 95/New Jersey Turnpike access points are nearby.