ESSEX/ UNION COUNTY, NJ — Urban multi-family investment and a seemingly endless tenant pipeline remain a powerful catalyst for emerging apartment-rental submarkets throughout Essex and Union counties, according to the investment brokerage professionals at Gebroe-Hammer Associates. During the past 12 weeks, the firm has arranged 11 urban-core sales totaling more than $36.85M and over 226 units spanning Elizabeth, East Orange and Orange.
The largest transaction recorded by Gebroe-Hammer’s market specialists in these emerging submarkets involved a newly constructed mid-rise in Elizabeth that garnered more than $256,000 per unit. The $10.25 million trade of 40 fully occupied units at 737-745 North Broad St. has been arranged by executive vice president Greg Pine and senior vice president Stephen Tragash.