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

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Release Date: May 5, 2010

Media Contact: Carin McDonald (201) 796-7788

GEBROE-HAMMER ASSOCIATES ANNOUNCES $19 MILLION TRADE OF BALDWIN OAKS IN PARSIPPANY, N.J.
Transaction Marks 2010’s Largest Multi-Family Investment Sale in Northern New Jersey

PARSIPPANY, N.J., May 5, 2010 – In northern New Jersey’s largest multi-family investment trade at the close of Q1‘10, Gebroe-Hammer Associates has announced the $19 million sale of 251 units at Baldwin Oaks in Parsippany, one of the region’s premier U.S. Department of Housing and Urban Development (HUD)-designated senior retirement rental communities for those age 62 and older. Gebroe-Hammer was the exclusive brokerage firm for the property with the team of Joseph Brecher, executive vice president, and Stephen Tragash, sales associate, representing both the seller, AIMCO, and the buyer, a long-time Gebroe-Hammer client.

Baldwin Oaks is one of several HUD-designated senior affordable and low-to-moderate income multi-family investment sales closed by Gebroe-Hammer during the past several months. Recent transactions include representing the sellers and buyers of 50 units in Bedminster, 88 units at Aspen Temple in Newark, 168 units at Cedar Street Commons in Livingston and 96 units at Preakness Commons in Wayne. Additionally, the firm is about to close on several additional HUD properties.

“This transaction is yet another example of Gebroe-Hammer’s depth of expertise that extends beyond the scope of a typical multi-family deal – namely the complexities of structuring HUD transactions,” said Ken Uranowitz, Gebroe-Hammer’s managing director. “This speaks volumes to our abilities and hands-on approach in closing these bureaucratically challenging multi-family deals.”

“Baldwin Oaks is one of the most appealing age-restricted, affordable rental communities in Morris County and the northern part of the state, where there is tremendous demand for this type of living option,” said Brecher. “Because of the ever-rising population age for the area, this type of senior housing consistently yields historically high occupancy levels.”

Boasting 100 percent occupancy at the time of sale and a two-year waiting list, Baldwin Oaks is conveniently located at 299 Baldwin Ave. in Parsippany. The two well-

maintained buildings feature four stories and an all-brick façade. Situated on 10.5 acres, the complex’s 250 one-bedroom units and one two-bedroom unit feature newly upgraded kitchens and baths as well as life-safety services, on-site parking, a community room, billiards room, bocci court and well-manicured courtyard.

“Built in 1980, Baldwin Oaks continues to be ‘THE’ affordable rental choice among seniors from the area who want to maintain their ties to the surrounding community because of its proximity to a wide range of convenience and lifestyle services, including restaurants and retail shops,” said Tragash.
  
Parsippany is centrally located in eastern Morris County, which features 28 county parks, four county golf courses and 16 public and private courses. Lying at the crossroads of the state’s major highways, the area is served by Routes 46, 10 and 24 as well as Interstates 80, 280 and 287. NJ Transit train service also is available via the Morristown Line to and from Penn Station in Midtown Manhattan and Hoboken Terminal. Bus service to Manhattan is provided by Lakeland Bus Lines and local service is provided free to residents six days a week by Parsippany Transit.

“Morris County is one of New Jersey’s highest barrier-to-entry multi-family investment sales markets for all building types, from affordable senior rental units to traditional market-rate garden apartment complexes,” said Uranowitz

Gebroe-Hammer is the region’s dominant brokerage firm specializing in the sale of multi-family, retail and commercial properties throughout New Jersey, New York and Pennsylvania, including Philadelphia. 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