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

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Release Date: May 11, 2010

Media Contact: Carin McDonald (201) 796-7788

GEBROE-HAMMER ASSOCIATES INKS $4.35 MILLION SALE OF PLUCKEMIN PARK IN BEDMINSTER, N.J.
Transaction among Several Recently Completed Age-/Income-Restricted Multi-Family Sales

BEDMINSTER, N.J., May 11, 2010 – As the first wave of Baby Boomers, which includes individuals born between 1946 and 1964, begin to seek out retirement rental-living options, Gebroe-Hammer Associates reports an upsurge in investor demand for well-maintained age and income-restricted properties such as Pluckemin Park in Bedminster Township. The 50-unit garden apartment complex was recently sold by the Livingston, N.J.-based firm for $4.35 million. Named as the exclusive brokerage firm for the property, Gebroe-Hammer’s team of Stephen Tragash, sales associate, represented the seller, Pluckemin Park, LLC, and Scott Callahan, vice president, represented the buyer, a long-time Gebroe-Hammer client.

Pluckemin Park is one of several age-and income-restricted multi-family investment sales closed by Gebroe-Hammer during the past few months. Recent transactions include representing the sellers and buyers of 251 units at Baldwin Oaks in Parsippany as well as 32 units in Warren County’s Washington Township.

“Properties like Pluckemin Park serve a unique demographic population and help local municipalities satisfy their Council on Affordable Housing (COAH) requirements to provide reasonable housing for low-to-moderate income individuals age 62 and older,” said Ken Uranowitz, managing director. “A property sale of this type requires tremendous coordination with local officials, state agencies and, of course, the seller and buyer’s legal counsel to close the deal. Gebroe-Hammer’s depth of experience and knowledge facilitates the complex nature of these deals, from the initial marketing phase to government agency approvals and the final closing.”

Conveniently located on Routes 202/206, Pluckemin Park was built in 1996 and is comprised of 15 well-maintained buildings that mirror the township’s historic character. Nestled on approximately three acres in picturesque northwest Somerset County, the complex features 37 one-bedroom and 13 two-bedroom units. Each includes wall-to-wall carpeting, spacious kitchens, the latest appliances, and individually controlled gas heat and central air conditioning.

“Pluckemin Park has a very distinct, old-time charm reflected in its buildings – several of which hail back to the 1800s and have been restored and preserved,” said Tragash, who also noted the complex includes a community room and one retail building that houses a nail salon. “Because today’s aging population is relatively healthy and there is an influx of Baby Boomers, demand for this type of housing is rapidly growing among tenants and investors alike.”

Known for its picturesque village neighborhoods, Bedminster is committed to preserving its green open space, playing fields and parks and a 2.6 mile Hike and Bikeway. Pluckemin Park is located directly across the street from the historic Pluckemin Inn Restaurant and within a short walking distance of local shops, dining and lifestyle services. The area is served by an extensive highway infrastructure, including Interstates 287 and 78 as well as Routes 202/206, 22 and 28.

Since 1975, Gebroe-Hammer has been 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