Two Union County, NJ properties sold.
Gebroe-Hammer Associates has arranged two separate multi-family property sales for a combined $15.75 million totaling 72 units across Union County, N.J. The trades were orchestrated by Executive Vice Presidents Niko Nicolaou and David Jarvis in the borough of Summit as well as Senior Vice President Adam Zweibel in Plainfield.
The larger of the two transactions involved the $12.85 million trade of Beech Spring Apartments, a 53-unit garden-style apartment community in Summit's Springfield Avenue section.
Situated in the northwest comer of Union County in what has become known as the Short Hills Region due to its proximity to Short Hills Mall, the 7 & 10 Beech Spring Dr. property occupies 3.59 acres within a tree-lined residential neighborhood.
Offering a mix of four different one-bedroom layouts and a two-bedroom duplex option, Beech Spring Apartments features on-premises parking and well-manicured courtyards just 15 miles from Manhattan.
Nicolaou exclusively represented the seller, 6 Beech Spring Drive LLC, and procured the buyer, a private investor. He also arranged the recent $58.5 million sale of New Providence Gardens in nearby New Providence last month on behalf of the same seller.
Less than eight miles south of Summit in Plainfield, Gebroe-Hammer's Zweibel exclusively represented the seller and procured the buyer in the $2.9 million trade of 410-420 Watchung Ave. A fixture within the Downtown District, the mixed-use property includes ground-floor retail strategically located between E. 4th and E. 5th Streets.
The transit and pedestrian-friendly city has a 54.9% renter-population base and an annual property appreciation rate that is higher than 90% of other cities and towns in New Jersey, according to NeighborhoodScout.com.
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|Title Annotation:||GEBROE-HAMMER ASSOCIATES|
|Comment:||Two Union County, NJ properties sold.(GEBROE-HAMMER ASSOCIATES)|
|Publication:||Real Estate Weekly|
|Date:||Jul 3, 2019|
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