GEBROE-HAMMER BROKERS TWO DISTRESSED MULTIFAMILY SALES FOR $22.1 MILLION
PLAINFIELD, N.J. — Gebroe-Hammer Associates (GHA) has brokered the sales of two distressed multifamily portfolios for a total of $22.1 million. The first deal involved the approximately $16.1 million sale of a 268-unit portfolio. The properties are all located in Plainfield and include 108 units at Netherwood Village, 102 units at Watchung Gardens and 58 units at Greenbrook Village. Steven Tenenbaum of GHA arranged the deal as Bankruptcy Court-approved broker. The buyer was a private investor. The second deal involved the approximately $6 million sale of a 141-unit portfolio, also located in Plainfield. The properties include Cornell Apartments, Pingry Arms and Executive Arms. GHA's Joel Schwartz arranged the sale on behalf of the seller, which is in Chapter 11 bankruptcy. The buyer is Plainfield Park LLC, which had owned the portfolio several years prior.