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

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Release Date: March 3, 2010

Media Contact: Carin McDonald (201) 796-7788

GEBROE-HAMMER ASSOCIATES CLOSES $26.4 MILLION SALE OF 288 UNITS IN MIDDLESEX COUNTY, N.J.
Transaction Highlights Growing Demand for Multi-Family Properties in Central New Jersey

PLAINSBORO, N.J., March 3, 2010 – Demand for well-located multi-family investment properties like Deer Creek Apartments, which recently sold for $26.4 million in Middlesex County, N.J., in secondary commuter markets is gaining momentum, according to Gebroe-Hammer Associates of Livingston, the region’s dominant real estate investment brokerage firm. Gebroe-Hammer’s Joseph Brecher, executive vice president, identified the buyer, The Orbach Group, and orchestrated an off-market transaction of these 288 high-quality rental units from the seller, AIMCO.

“Situated in the heart of Plainsboro near Princeton and New Brunswick, the well-maintained property attracted the buyer’s interest because of the area’s strong rental pool and stable occupancy rates,” said Brecher. “The acquisition of Deer Creek Apartments marked a significant expansion of the buyer’s multi-family portfolio in the area.”

Located at 305 Deer Creek Drive in the southwestern part of Middlesex County, the 24- building complex is comprised of a mix of spacious one- and two-bedroom units featuring private balconies or patios. On-site amenities include an outdoor pool, sports courts and walking paths. Select units have washers/dryers and walk-in closets.

The community also offers nearby access to major NJ Transit bus and rail routes as well as direct connections to Route 1, NJ Turnpike, Route 130 and Route 295. Deer Creek Apartments is also part of the award-winning West Windsor-Plainsboro Regional School District.

“Plainsboro Township has emerged as one of Middlesex County’s most favored ‘commuter communities’ for those employed locally and as far away as New York City and Philadelphia, both of which are just one hour away,” added Brecher. “Given its proximity to the Carnegie Center, and other office parks located on the Princeton Route 1 corridor, Plainsboro provides a constant pool of well-qualified renters. The township also has a significant amount of protected green open space, which adds to its serene setting.”

Gebroe-Hammer reports area occupancy rates to be 95 percent with average rents ranging from $900 to $1,400 for one- and two-bedroom units, respectively.

“Central New Jersey is becoming a highly sought-after geographic region in New Jersey for multi-family investments,” said Ken Uranowitz, managing director. “In the current environment, multi-family units are performing well, and potential investors are expanding beyond the high-barrier-to-entry counties in the northern part of the state into this thriving submarket.”

Gebroe-Hammer specializes in the sale of multi-family, retail and commercial properties throughout New Jersey, New York and Pennsylvania, including Philadelphia. The firm recently brokered 17 separate multi-family deals, valued at more than $178.5 million, which involved 2,069 units in a series of mid-to-large-sized property transactions throughout New Jersey and upstate 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