Firm orchestrates sale of 39-unit apartment property in Bloomfield

BLOOMFIELD, NJ — In the heart of one of Bloomfield’s highest-appreciating neighborhoods, Gebroe-Hammer Associates has arranged the trade of 39 multifamily units at 204 Berkeley Ave. for an undisclosed price, according to an April 27 press release. The firm’s brokerage team of Executive Vice President David Jarvis and President Ken Uranowitz represented the unnamed seller, who Gebroe-Hammer represented in late 2021 in acquiring the building, and procured the buyer, a private investor.

Built in 1928 and continually updated, 204 Berkeley Apartments contains 30 one-bedroom units and nine two-bedroom units. Situated 17 miles from Midtown Manhattan, the upper-income high-population-density Franklin Street/Watsessing Avenue neighborhood is at the crossroads of the Garden State Parkway and the U.S. Route 46/NJ Route 3 interchange. Highway connections include Interstates 80, 280 and 287, as well as Local Routes 7, 19, 21 and 23.

“As a result of 204 Berkeley Apartments’ outstanding connectivity to employment centers in Manhattan and throughout northern New Jersey, as well as proximity to the area’s abundant experiential/lifestyle amenities, Bloomfield and the entire East Essex/Southwest Passaic County submarket appeal to a diverse tenant base of upwardly mobile career starters, executives and well-educated empty nesters,” said Jarvis, who noted that the property was fully occupied at the time of the sale.

“In Bloomfield, much of the overall housing stock was built prior to World War II, which makes it one of the older, more historic townships in the nation,” Uranowitz said. “As such, existing multifamily properties like 204 Berkeley Apartments dominate the housing landscape and have tremendous appeal among an evolving renter base that now includes an influx of young, single, educated and upwardly mobile professionals. Walkability, nearby conveniences and affordability have fed this pipeline across the entire East Essex County corridor in recent years.”