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

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Release Date: Tuesday, May 5, 2009

GEBROE-HAMMER ASSOCIATES CLOSES SIX DEALS TOTALING $6.4 MILLION
102 Units Trade throughout Northeast Urban and Suburban Markets

LIVINGSTON, N.J., May 5, 2009 – Gebroe-Hammer Associates, one of the region’s leading investment brokerage firms, has closed six separate multi-family housing transactions totaling $6.4 million throughout the Northeast. The 102 units were sold in key urban and suburban markets on behalf of undisclosed buyers and sellers in Philadelphia and North Jersey’s Essex, Union and Hudson counties.

The largest trade was the $1.425 million sale of Loretta Arms Apartments, located at 1901-13 Faunce St. in northeast Philadelphia. Eli Rosen, senior vice president, represented the seller and the buyer, both of whom are long-time Gebroe-Hammer clients. Centrally located within the Rhawnhurst neighborhood, the two-and-a-half-story 30-unit complex is comprised of a mix of studio and one-bedroom units.

“The disposition of this well-maintained property took only one month because Loretta Arms boasts a 100-percent occupancy rate, proximity to the Castor Avenue and Cottman Avenue shopping districts and access to Route 1 and Roosevelt Boulevard,” said Rosen, who noted area occupancy rates are 95 percent with an average rental range of $600 to $650 for a one-bedroom.

In New Jersey, Executive Vice Presidents David Oropeza and David Jarvis, along with Greg Pine, senior vice president, closed the $1.175 million sale of 245 Reynolds Terr., in the City of Orange. The 17-unit garden apartment complex features 11 two-bedroom and 6 one-bedroom layouts located in close proximity to the Garden State Parkway and Route 280. The one-building property was 95 percent occupied at the time of sale.

Vice President Avi Oren and Steven Tenenbaum, assistant vice president, also closed the $600,000 sale of 1300 Fulton St. in Rahway. The two-story garden apartment building was fully occupied at the time of sale and is within walking distance of the NJ Transit station, offering direct access to New York City. Nearby highways include Route 1, New Jersey Turnpike, Garden State Parkway and Route 9. The new owner has planned kitchen and bathroom upgrades.

In addition, Gebroe-Hammer closed three transactions in nearby Hudson County. A total of 47 units in Union City were sold for a combined $3.2 million.

“High-quality, stabilized properties continue to be in demand among investors, many of whom are well-financed private individuals or entities seeking value-add opportunities in the small-to-mid-sized property category,” said Ken Uranowitz, managing director. “Proximity to mass transit and highways also continues to be one of the key requirements in both urban and suburban settings.”

Gebroe-Hammer Associates is the region’s leading real estate investment brokerage firm specializing in the sale of multi-family, retail and commercial properties. The firm maintains an active presence throughout Pennsylvania, including Philadelphia; New Jersey; 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