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Brokerage firm Gebroe-Hammer Associates has arranged two separate multifamily transactions in Plainfield, New Jersey, valued at a combined $15.2M.
The sales of Stoney Brook Gardens at 643-715 East Front St. and Executive Arms Apartments at 309-315 West Eighth St. were done by Executive Vice President Stephen Tragash.
He represented the seller of Stoney Brook Gardens, Stoney Brook Associates LLC, in the $12M deal. The buyer was an unnamed private investor.
Stoney Brook has 70 garden-style apartments, all of which are 1,033 SF, two-bedroom/one-bath layouts.
In the $3.23M sale of Executive Arms, Tragash represented the seller, 315 West LLC. Niko Nicolaou, a Gebroe-Hammer executive vice president, procured the buyer, an unnamed private investor.
Executive Arms consists of 27 units, all of which are 950 SF studios.
“The half-a-billion dollar Plainfield Redevelopment Plan is already having a favorable impact on existing properties such as Stoney Brook Gardens and Executive Arms Apartments, which will benefit from the delivery of 700+ on-the-books workforce housing and luxury units as well as the adaptive reuse of Muhlenberg Hospital,” Tragash said in a press release. “The introduction of new housing options, along with medical office mixed-use redevelopment, will strengthen the area’s robust tenant pipeline in a suburban corridor that also offers Urban Enterprise Zone incentives and three state-designated Opportunity Zones.”
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