LIVINGSTON, NJ — At a time when multi-family rent gains continue their advance in North Jersey, investment demand is persistent in virtually every county metro-wide as year-end 2018 draws closer, according to Gebroe-Hammer Associates senior vice president Debbie Pomerantz. The North Jersey market specialist, whose submarket focus is Passaic County and Bergen County, has arranged sales involving over 400 units that sold for $53.1 million on behalf of clients spanning these two counties as well as Essex, Hudson and Middlesex counties during the past 10 months.
In Passaic and Bergen alone, Pomerantz has recorded a total of five transactions. The properties spanned the strong-hold municipalities of Fairview, Rochelle Park and Ridgefield Park in Bergen County and the City of Passaic in the county that bears the same name.
“Apartment buildings dominate the ‘genetic makeup’ of the overall housing stock in Bergen and Passaic counties, due in large part to the post-war middle-class housing boom that occurred on the edges of American cities,” said Pomerantz. “On average, apartment units account for 71% of the housing stock, with some municipalities like Passaic ringing in at a resounding 84%.”