Gebroe-Hammer Associates recently completed the sale of two multi-family complexes. The properties, totaling 100 units, include Riverside Court in Riverside, N.J., (pictured) and York Village Apartments in Hanover, Pa.

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

Download Word Doc: Click Here

Release Date: March 17, 2008

GEBROE-HAMMER NEGOTIATES TWO MULTI-FAMILY SALES VALUED AT MORE THAN $5 MILLION
Brokerage Team Represents Separate Owners in New Jersey and Pennsylvania

LIVINGSTON, N.J., March 17, 2008 – Gebroe-Hammer Associates, one of the tri-state region's most influential brokerage firms specializing in the sale of multi-family, retail and commercial investment properties, has announced the completion of two multi-family sales with a combined value in excess of $5 million. The brokerage team of Barry Mermelstein, sales associate, and Joel Schwartz, executive vice president, negotiated the separate transactions, which included 100 total units in Hanover, Pa., a northwest suburb of Baltimore, Md., and Riverside, N.J., on the border of Philadelphia.

“These significant trades illustrate the continued strength of multi-family housing in terms of investment demand in wide geographic locations,” said Schwartz. “Owners are benefiting from strong market conditions while buyers are expanding their portfolios and market reach to acquire desirable properties in prime locations throughout the Mid-Atlantic region.”

The transactions included the $2.525 million sale of York Village Apartments, in Hanover, Pa., and the $2.5 million sale of Riverside Court in Riverside, N.J., near Philadelphia, Pa.

Located at 429 St. Mihiel Dr., the fully occupied Riverside Court consists of three brick buildings renovated during the 1980s. The 42-unit complex includes 34 one-bedroom and eight two-bedroom apartments and a newly upgraded electrical system. Offering easy access to Route 130, I-295 and the New Jersey Turnpike, the property is within walking distance of the South Jersey Light Rail line and a 30-minute drive to Center City Philadelphia.

“This is a very well-maintained complex in one of the most desirable Burlington County towns,” said Mermelstein, he noted that the seller, Riverside Property Holdings, owned and managed the property for more than 25 years. Edward Hovatter of Sherman,

Silverstein, Kohl and Podelasky of Pennsauken, N.J., represented the seller. Jonathan Mehl of Rutherford, N.J., represented the buyer, Norse Holdings.

Occupancy levels remain high at the 58-unit York Village Apartments, located at 830 W. Alvin St., with only one vacancy at the time of sale. Comprised of five buildings, the property includes eight one-bedroom and 32 two-bedroom apartments as well as 18 two- and three-bedroom townhomes. The buildings are in close proximity to the town’s major shopping districts and Routes 116 and 94, the area’s major thoroughfares.

“The seller specifically chose Gebroe-Hammer to market this property because of our firm’s unrivaled depth of experience and prior sales activity in the region,” said Ken Uranowitz, Gebroe-Hammer’s managing director.

The property was acquired by a New Jersey-based investor from the seller, also from the Garden State. Chris Zentgraf, a sole practitioner from Lansdale, Pa., represented the seller. Louis Cambrio of Marcus Brody Ford from Roseland, N.J., represented the buyer.

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