Gebroe-Hammer Associates
2 West Northfield Road
Livingston, NJ 07039

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Release Date: Feb. 6, 2009

GEBROE-HAMMER CLOSES $11.125 MILLION SALE OF MIRY RUN IN HAMILTON TOWNSHIP, N.J.
Investment Activity Remains Strong In Suburbs For Quality Multi-Family Property

HAMILTON TOWNSHIP, N.J., Feb. 6, 2009 – Gebroe-Hammer Associates, the region’s dominant commercial real estate investment firm, has negotiated the $11.125 million sale of Miry Run, a 144-unit garden apartment complex, in Hamilton Township, N.J. Executive Vice Presidents Joseph Brecher and Joel Schwartz represented the seller, Tower Management, and procured the buyer, a long-time private investment client.

Located at 145 Brookwood Rd., the complex features 108 one-bedroom and 36 two-bedroom units. The property was 98 percent occupied at the time of sale. “This sale is quite impressive because it reinforces that demand still exists for high-quality multi-family properties in central New Jersey,” said Brecher, who noted area occupancy rates are 95 percent.

Located in Mercer County Hamilton is one of the largest townships in New Jersey. Trenton is located next to Hamilton, and Philadelphia, New York and the Jersey Shore are less than an hour away. Commuters benefit from the township’s bustling, new modern train station along NJ Transit’s Northeast Corridor line. Nearby highways include the New Jersey Turnpike, I-295 and I-195 as well as Routes 130, 206, 33 and 1.

“Despite the current economic climate impacting other real estate classes, investors are willing to acquire aggressively priced multi-family properties in highly sought-after neighborhoods favored by commuters,” said Ken Uranowitz, Gebroe-Hammer’s managing director. “Those who reside in this area either commute into New York City or Philadelphia or are employed in government jobs in Trenton.”

Andy Norin, Esq., of Drinker Biddle & Reath, LLP, of Philadelphia, Pa., and Richard Kelin, Esq., of West Orange, N.J., provided legal representation on behalf of the seller and buyer, respectively. Gebroe-Hammer Associates is the region’s leading real estate investment brokerage firm specializing in the sale of multi-family, retail and commercial properties. In addition to its strong presence in New Jersey,

Gebroe-Hammer is active throughout Pennsylvania, including Philadelphia and New York. Clients include private owners, REITS, private equity firms and other institutional investors.

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Gebroe-Hammer Associates
2 West Northfield Road, Suite 301
Livingston, NJ 07039
Phone: 973-994-4500
Fax: 973-994-9752