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

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Release Date: May 12, 2008

THE COURTS 167-UNIT COMPLEX IN PHILADELPHIA SELLS FOR $22.35 MILLION
Gebroe-Hammer Closes Deal in Thriving University City Neighborhood

PHILADELPHIA, Pa., May 12, 2008 – Gebroe-Hammer Associates, the region’s leading multi-family investment real estate brokerage firm, has closed the $22.35 million sale of The Courts, a 167-unit apartment complex located in the University City neighborhood of Philadelphia, Pa. Joseph Brecher, senior vice president, and Eli Rosen, vice president, represented the seller, Powelton Avenue LLC, and procured the buyer, The Courts LP.

“This prominent complex is part of a very unique neighborhood of students, university professors, medical professionals, executives and long-time residents,” said Brecher. “The Courts is an attractive investment because of its premier amenities and 24-hour security in this very urban area. Due to a limited supply of student housing in the vicinity of two major universities, this property is well-suited to accommodate the high density and demand associated with this constant supply of new tenants in a robust market.”

Located at 3500-3540 Powelton Ave., The Courts is a historic group of three restored Victorian-era apartment buildings. Featuring a mix of spacious one- and two-bedroom and studio units offering more than 30 different floor plans, each apartment is distinct in terms of layout and architectural elements. 

Original building details, such as the intricate brickwork, cathedral ceilings, oversized windows and exterior porches, are complemented by modern amenities. These include up-to-date appliances, central air conditioning and a new state-of-the-art fitness center. The professionally landscaped inner courtyard is a popular gathering place among residents because of its park benches, umbrella-covered tables and barbecue area.

“Today’s multi-family investors are attracted to urban properties like The Courts because of its central location within an area of 24/7 activity and student housing,” said Rosen, who noted the complex is within walking distance to Drexel University and the University of Pennsylvania. “In addition, this property offers an added lifestyle component, within a central shopping, dining and entertainment district, which renders it even more desirable.”

According to Gebroe-Hammer, rental rates for the area range from $980 for a studio to $2,450 for a two-bedroom/two-bath unit. At the time of sale, The Courts was 95 percent occupied, which reflects area occupancy rates.

“Philadelphia boasts a strong, in-demand rental and multi-family investment market, especially within core neighborhoods of commerce and higher education,” said Ken Uranowitz, Gebroe-Hammer’s managing director. “First-class properties are in short supply, prompting investors to react quickly and decisively in their acquisitions of a complex like The Courts, which is well-occupied and beautifully maintained.”

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.

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