Pair of Union County rental communities trade for a combined $13M

Livingston-based brokerage Gebroe-Hammer Associates recently completed two sales totaling 72 rental units in the cities of Plainfield and Summit, GlobeSt reported. Gebroe-Hammer said the largest of the trades it orchestrated was the $12.85 million sale of the 53-unit Beech Spring Apartments rental complex in Summit. Beech Spring Apartments, located at 7 and 10 Beech Spring Drive, occupies 3.59 acres. The garden-style apartment complex consists of one- and two-bedroom duplex layouts about 24 miles from Manhattan. The property was built in 1938 and is located 0.3 miles from the New Providence New Jersey Transit train station. Property records show the site was sold by a limited liability company associated with Passaic-based Madison Hill Properties to an undisclosed buyer. Eight miles south in Plainfield, Gebroe-Hammer traded 19 units at 410-420 Watchung Avenue for $2.9 million. That property includes 8,000 square feet of ground-floor retail and is located one block from local NJT station. Property records show that Barry Williams, a businessman from Fanwood, sold the property in May to an LLC associated with Lakewood-based OliveTree Management. The brokerage noted that Plainfield has a 54.9 percent renter population and an annual property appreciation rate higher than 90 percent of other municipalities in the Garden State. [GlobeSt]