Gebroe-Hammer Associates Named Best Of 2009 For Largest Multi-Family Sale

Top Quote Brokers Joseph Brecher and David Oropeza also Recognized with Individual Honors. End Quote
  • Newark, NJ (1888PressRelease) July 01, 2010 - Gebroe-Hammer Associates, the region's dominant real estate investment brokerage firm, has been named among the "Best of 2009" for the largest multi-family sale in the Mid-Atlantic region, which includes New Jersey, Pennsylvania, Delaware, Maryland, Virginia and Washington, D.C. Two Gebroe-Hammer executive vice presidents, David Oropeza and Joseph Brecher, also were named among the "Best of 2009 Top Brokers" by the same publication, the Mid-Atlantic Real Estate Journal, for total annual sales.

    "Gebroe-Hammer Associates has once again distinguished itself as the region's leading investment brokerage firm specializing in the sale of multi-family, retail and commercial properties in urban and suburban markets," said Ken Uranowitz, managing director, who has been with the firm since its inception. "For 35 years, our firm has established long-term, highly professional relationships with a diverse client roster that includes private property owners, REITs, private equity firms and other institutional investors."

    The firm recorded the largest multi-family deal of 2009 with the $26.4 million sale of Deer Creek Apartments in Plainsboro, N.J. Brecher, who represented the buyer, orchestrated the acquisition of 288 high-quality units from AIMCO. Located at 305 Deer Creek Dr., the complex's mix of spacious one- and two-bedroom units feature private balconies or patios. On-site amenities include an outdoor pool, fitness center, sports courts and walking paths.

    "The well-maintained property attracted the buyer's interest because of the central location and proximity to New York City and Philadelphia; easy access to Route 1, the New Jersey Turnpike, Route 130 and Route 295; and the opportunity for portfolio expansion in the area," said Brecher, who was also recognized for his individual achievement of closing more than $71 million in total sales for 2009. Since joining Gebroe-Hammer nine years ago, he has closed more than $1.5 billion in multi-family real estate and expanded the firm's client base in the New York, New Jersey and Pennsylvania metropolitan area, as well as throughout the entire East Coast.

    In addition, Oropeza was acknowledged as a "Top Broker" for orchestrating more than $29 million in annual sales, which included the $4 million sale of 835 South 10th St., in Newark. Despite the economic downturn, the 24-year veteran who specializes in urban multi-family property sales engineered 13 separate transactions involving a total of 430 units in Essex County's East Orange, Orange, Newark and Belleville; Bergen County; and Hudson County's North Bergen and Jersey City.

    Established in 1975 by industry icons Mel Gebroe, chairman, and the late Morris Hammer, Gebroe-Hammer Associates is among the tri-state region's most influential brokerage firms widely recognized for its consistent sales performance. A seven-time CoStar Power Broker, Gebroe-Hammer's proven track record on behalf of its clients has resulted in consistent growth every year since its inception, with a large percentage of repeat business from owners and investors. The firm's brokerage activity encompasses diverse property categories, ranging from suburban high-rise, mid-rise and garden-apartments, HUD multi-family properties, to retail and office properties. Recently, the firm expanded its multi-family investment specialty areas to include income- and age-restricted properties. Transaction highlights include representing the sellers and buyers of 251 units at Baldwin Oaks in Parsippany; 32 units in Warren County's Washington Township; and 50 units at Pluckemin Park in Bedminster Township.

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