Gebroe-Hammer Closes Off-Market Sale of Leonia Apartments
Gebroe-Hammer Associates has arranged the off-market, $19.8-million sale of Grand Lee Apartments, an 80-unit garden-style property in the Bergen County, NJ borough of Leonia. VP Joseph Gehler, along with sales representative David Betesh, exclusively represented the long-time owner/seller, Fairlawn CO, and procured the buyer, an unnamed private investor.
Located at 159 Fort Lee Rd., near the high-identity intersection of Grand Avenue, Grand Lee Apartments features a mix of 36 one-bedroom and 44 two-bedroom floorplans with hardwood flooring throughout and private entrances.
With more people in Leonia riding the bus to work than in nearly 97% of all neighborhoods nationwide, “The buyer sought to add Grand Lee Apartments to their portfolio because of its prime location, the ever-growing professional-caliber tenant base commuting to business and financial jobs in New York City and very tight multifamily housing supply in general, as compared to rental demand,” said Gehler.