Morristown, NJ – August 22, 2022 – Berkadia Morristown has just announced it has completed over $277 million in sales across 1,530 units in the first half of the year*.
Senior Managing Director Nat Gambuzza, Senior Directors Spencer Beriont and Trevor Fiebel, Director Tim Blashford, Senior Transaction Manager Brian Antognini and Senior Financial Analyst Mike O’Reilly assisted in completing the sales.
“The first half of 2022 brought significant challenges and uncertainty with many investors. We had four interest rate hikes totaling a 225-basis point increase,” said Gambuzza. “The 10-Year Treasury went from a low of 1.63% in January to a high of 3.49% in June causing stress for buyers seeking financing for deals as loan proceeds were reduced with increases in debt service amounts.”
“Now more than ever, our clients need us to share real time data and market movements,” said Gambuzza. “Our team’s collaborative structure, relationships and resources allow us to keep our clients on top of the latest information to help their businesses.”
“So many buyers focused on the uncertainty in the debt markets and seemed to forget about the underlying fundamentals that have been great for the multifamily market,” said Nat Gambuzza. “Others have taken advantage of the uncertainty and capitalized, while some buyers sat out the opportunities.”
“Rents in New Jersey have grown by about 33 percent year over year according to a May 2022 survey by Rent.com. Gambuzza continued, “New Jersey continues to be a hot bed for transactions due to its diverse buyer pool. We are very fortunate to live in this part of the country where we have so much wealth seeking avenues for investment.”
Activity from buyers came from 1031 exchanges, private capital, high net worth individuals, institutional investors and syndicators.
*Includes deals that were closed at a previous firm.