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

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Release Date: March 26, 2008

GEBROE-HAMMER NEGOTIATES SALE OF PARKTOWNE HOUSE IN HIGHLAND PARK, N.J., FOR $8.4 MILLION
Transaction Highlights Continuing Demand in Middlesex County and Central New Jersey

HIGHLAND PARK, N.J., March 26, 2008 – Gebroe-Hammer Associates, the tri-state  region’s dominant multi-family investment brokerage firm, recently negotiated the $8.4 million sale of Parktowne House, a two-building, 84-unit mid-rise apartment complex in Highland Park, N.J. The brokerage team of Ken Uranowitz, managing director, and Joseph Brecher, senior vice president, represented the seller and procured the buyer, a Manhattan-based real estate investor.

“This transaction and its aggressive price demonstrates enduring demand for high-quality product in Middlesex County and throughout central and northern New Jersey,” said Brecher. “The current market is being driven by an influx of financially sound investors who are competing for well-maintained buildings with inherent rent appreciation.”

Parktowne House, located at 11-19 Raritan Ave. on Route 27, is comprised of 51 one-bedroom, 12 two-bedroom and 21 studio units. Fully occupied at the time of the sale, the property features two brick-faced buildings of five and six stories, each offering elevator service. Situated on the border of New Brunswick, Parktowne House offers ease of access to Routes 18 and 1 as well as the New Jersey Turnpike. The area is served by two New Jersey Transit bus routes and a train station, within walking distance of the property.
 
According to Brecher, average rental rates for the area range from $1,000 for a one-bedroom unit to approximately $1,350 for a two-bedroom apartment. “Multi-family housing product throughout the surrounding area and Highland Park, which is in close proximity to Rutgers University and several large corporate entities, boasts consistently high occupancy levels – a primary attraction for the buyer who owns other properties in New Jersey,” he said.

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.

“Unlike other investment market sectors, which are experiencing a negative trickle-down effect from the subprime mortgage crisis, there is continued soaring demand for multi-family product in all asset classes throughout the tri-state region,” noted Uranowitz. “Gebroe-Hammer’s steadfast hands-on approach enables us to remain at the forefront of new opportunities by maintaining long-term relationships with property owners and potential buyers.”

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