Gebroe-Hammer Associates Arranges Trade of Distressed Nine-Building Portfolio in Plainfield, N.J
Private Investor Acquires 182 Units in the Heart of the City.
- New York, NY (1888PressRelease) December 07, 2011 - A private investor and long-time Gebroe-Hammer Associates client has acquired a nine-building, 182-unit multi-family portfolio note in Plainfield, N.J. Executive Vice President David Jarvis and Steven Tenenbaum, assistant vice president, identified and represented the buyer in the $7.525 million trade with a prominent New York bank.
"This particular portfolio attracted widespread investor interest. In addition to the discounted pricing, it was an atypical opportunity to acquire well-built buildings, within a few blocks of each other, that have tremendous repositioning potential. Our client, who has other holdings in the area, plans to implement several upgrades to bring each property up to competitive market rates," said Tenenbaum, who has closed over $39 million in note and bankruptcy sales during the last 30 months in Plainfield alone. He has represented 751 units on behalf of various major lending institutions.
The properties, ranging from mid-rise to garden-apartment-style buildings, are well-located in the heart of this Union County city near shopping, schools, public transportation and major highways. Nicknamed the "Queen City," Plainfield has two NJ Transit rail stations along the Raritan Valley Line and Amtrak service is available at Metropark, just six miles away. The city also is served by NJ Transit bus lines offering direct links to Port Authority Bus Terminal, Newark and other local routes.
Tenenbaum, who has represented the buyer in the acquisition of more than 300 total units throughout Plainfield prior to this transaction, says the city's strong working-class demographic and urban setting yield strong market fundamentals. Located in Central New Jersey on the southwestern edge of Union County, Plainfield's population has soared to an all-time high of 49,808, based on 2010 U.S. Census data.
According to Gebroe-Hammer's brokerage professionals, average rents for the area range from $850 for a one-bedroom to $1,200 for a three-bedroom unit. Occupancy rates are at approximately 95 percent.
"In the past few years, Gebroe-Hammer has sold close to $100 million in note and Sec. 363 Bankruptcy sales for several major banks and debtors-in-possession," said Ken Uranowitz, managing director. "We are currently the exclusive broker for a major New York bank involving the sale of 12 multi-family notes throughout New Jersey. In this particular case, the note sale closed one week prior to the Sherriff's Sale, at which the buyer was able to acquire the deed quickly."
Established in 1975 by industry icons, the late Mel Gebroe and the late Morris Hammer, Gebroe-Hammer Associates specializes in multi-family, retail and office property investment sales throughout New Jersey, New York, and Pennsylvania. Widely recognized for its consistent sales performance, the award-winning firm is an eight-time CoStar Power Broker.
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