Gebroe-Hammer Associates Announces $2.5 Million Multi-Family Trade in Bergen County
HASBROUCK HEIGHTS, N.J., Oct. 24, 2013 - Demonstrating its continued expertise in Bergen County's multi-family marketplace, Gebroe-Hammer Associates recently arranged the $2.5 million sale of Grandview Apartments, a 20-unit garden-style community in Hasbrouck Heights. The Gebroe-Hammer brokerage team, including President Ken Uranowitz, Senior Vice President Greg Pine and Assistant Vice President Debbie Pomerantz, exclusively represented the seller and identified the buyer.
Situated eight miles from the George Washington Bridge, Grandview Apartments is located near both NJ Transit train and bus stations. "The combination of low interest rates and aggressive real estate pricing is driving demand for multi-family investments. Bergen County continues to be one of the strongest and most desirable markets for these properties, and high occupancy rates and well-financed investors are the norm," said Pomerantz.
Grandview Apartments is a three-story brick building featuring a mix of spacious studio, one- and two-bedroom apartments. The complex includes 12 garages and 12 off-site parking spaces as well as on-site laundry facilities. Tenants enjoy easy access to Routes 80, 17, 46 and the Garden State Parkway. The building is within walking distance of local shopping.
"Because of Debbie's in-depth market knowledge and client-focused approach to each transaction, she was able to educate this buyer about the benefits of suburban apartment-rental investments, which only complement the buyer's existing urban portfolio," said Uranowitz.
Legal counsel for the trade was provided by Joseph Basralian, Esq., of Winne, Banta, Hetherington, Basralian & Kahn, P.C. of Hackensack N.J., on behalf of the seller, and Robert M. Tzall, Esq., of The Law Offices of Robert M. Tzall of Passaic, for the buyer.
The Grandview Apartments sale comes on the heels of the recent $7.65 million sale of 32 multi-family units in Rochelle Park, N.J. Market specialist Pomerantz identified the buyer in this trade as well.
Gebroe-Hammer Associates specializes in suburban and urban high-rise, mid-rise and garden-apartment properties throughout New Jersey, New York and Pennsylvania, including Philadelphia. 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, Gebroe-Hammer is a nine-time CoStar Power Broker.