Gebroe-Hammer Associates recently orchestrated the sale of Marsden Apartments, located at 8532-52 Marsden St. in Northeast Philadelphia (pictured), along with nearby Palmer Apartments for a total of $3.1 million.

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

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Release Date: Feb. 23, 2009

GEBROE-HAMMER INKS TWO MULTI-FAMILY DEALS TOTALING $3.1 MILLION
Sales Remain Strong In Philadelphia Housing Market

PHILADELPHIA, Pa., Feb. 23, 2009 – Gebroe-Hammer Associates has closed two multi-family apartment transactions totaling $3.1 million for 57 units in Northeast Philadelphia. Eli Rosen, senior vice president, handled the $1.85 million sale of Marsden Apartments as well as the $1.25 million sale of Palmar Apartments. Rosen represented the seller, Marsden-Palmer Management, and procured the buyer, a private investor, in both deals.

“Strong sales in the Philadelphia area suggest that well-maintained multi-family properties such as these remain a reliable, long-term investment in a very strong, stable rental market,” said Rosen.

The Marsden Apartment complex, located at 8532-52 Marsden St., features 32 two-bedroom units. Each features a living area, kitchen and bathroom. According to Gebroe-Hammer, rental rates for the area range from $650 to $700 for a two-bedroom unit. At the time of sale, Marsden Apartments was 95 percent occupied, which reflects area occupancy rates.

Located at 5926 Bustleton Ave. in Northeast Philadelphia, the 25-unit Palmar Apartment complex features a brick façade and a mix of one-, two- and three-bedroom layouts. The complex, which also was 95 percent occupied at the time of sale, is centrally located within Bustleton’s commuter hub. The neighborhood is served by several SEPTA bus and regional rail routes, and Center City is just 20 minutes away. The area also is home to numerous small businesses as well as several major commerce centers.

“Northeast Philadelphia is a predominantly residential community where approximately 40 percent of the housing units are renter-occupied,” said Ken Uranowitz, Gebroe-Hammer’s managing director. “A property of this caliber, which boasts a fine reputation within the apartment-rental community, is attractive to both renters and investors.” Legal counsel was provided by Rich Kelin in West Orange, N.J., and Lawrence Dalsemer in Bluebell, Pa., on behalf of the seller and buyer, respectively.

Established in 1975, Gebroe-Hammer specializes in the sale of multi-family, retail, and commercial investment properties. The firm maintains a strong presence throughout New York, New Jersey and Pennsylvania by providing innovative brokerage services to a wide range of private owners, REITS, private equity firms and other institutional investors in market and off-market transactions.

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