Commercial real estate firm Gebroe-Hammer Associates recently announced it has brokered $181.42 million in sales in New Jersey and Pennsylvania for the month of June, in a combined 16 transactions comprising 1,290 units.
“Multifamily transactions are certainly not showing any signs of deceleration,” Gebroe-Hammer President Ken Uranowitz said. “The month of June turned out to be a chartbuster for us, averaging a record four sales per week. And, of the 16 deals we closed, three were portfolio sales representing a total of 967 units.”
The properties spanned Bergen, Essex, Hudson, Monmouth, Morris, Ocean and Passaic counties, and Pennsylvania’s Lehigh Valley and Philadelphia submarkets.
“Gebroe-Hammer’s midyear benchmarks follow a strong Q1 and Q2 overall, with the firm recording the North Jersey metro’s two largest sales during the past 12 months, according to REIS,” the firm said in a news release. “In January, the firm’s market specialists arranged the $130 million sale of Nob Hill in Roseland for $361,111 per unit and the $100 million sale of Cedar Wright Gardens in Lodi for $155,763 per unit.”
Uranowitz said demand in high-barrier locations continues to be high for value-add opportunities.
“These owners recognize that, in order to vie for tenants in the region’s high-end and transit-accessible neighborhoods, they must consider implementing their own capital improvement programs or take some ‘chips’ off the table in this highly competitive market,” he said. “Understandably, original owners and developers are opting for the latter at a time when new development remains active, borrowing costs are low and tenant demand is keeping up.”