Reis in the News
By Steve Lubetkin
Source: GlobeSt.com – Gebroe-Hammer’s $1.1B/8,200 MF Unit Sales in 2018 are Springboard for 2019
With continued headwinds in the single-family homes market and an uncertain economic and political environment keeping renters at bay, robust demand for apartment investment assets in 2018 have paved the path for 2019, according to Gebroe-Hammer Associates. The New Jersey-based firm, which is the top multifamily brokerage firm throughout the New Jersey, New York State and Greater Philadelphia Metro corridor, closed out 2018 with more than $1.1 billion in total transactions—a positive indicator of favorable conditions in the next 12 months.
“Since Gebroe-Hammer’s primary focus is multifamily property sales, these totals are solely attributed to apartment buildings that run the full spectrum of asset classes – from class-A trophy buildings to value-add class B/C midrise properties and garden communities poised for capital improvements, unit renovations and repositioning,” says Ken Uranowitz, Gebroe-Hammer president, who joined the firm at its inception in 1975. “No other firm—regional or national—within our submarkets can even come close to these benchmarks, which exclude office, industrial, retail properties and leasing activity.”
According to Reis, the North Jersey, Central Jersey and Greater Philadelphia metros have experienced consistent rent increases over the past 12 months of +5.5%, +2.5% and +6.9%, respectively. Philadelphia was a leader in terms of effective rent growth nationwide.