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

Download Word Doc: Click Here

Release Date: June 2, 2008

FAIRMOUNT TERRACE APARTMENTS’ $15.375 MILLION TRADE ORCHESTRATED BY GEBROE-HAMMER ASSOCIATES
162-Unit Complex Located Adjacent to Fairmount Park

PHILADELPHIA, Pa., June 2, 2008 – Gebroe-Hammer Associates recently orchestrated the $15.375 million trade of Fairmount Terrace Apartments in Philadelphia, Pa., on behalf of the seller, ASI Management. Joseph Brecher, senior vice president, and Eli Rosen, vice president, were the exclusive sales brokers for the 162-unit garden apartment complex located near Center City.

“The aggressive pricing of Fairmount Terrace reflects the strength of this property, which boasts strong occupancy levels and unique amenities, in a market where prominent investors are aggressively enhancing their portfolios by leveraging the successes of their internal renovation and property management teams,” noted Rosen.

Located in the Wynnewood Heights section of Philadelphia at 3601 Conshohocken Ave., the Fairmount Terrace garden-apartment complex is comprised of elegant one- and two-bedroom layouts as well as studio options. Each features a patio balcony, wall-to-wall carpeting, a fully equipped modern kitchen and spacious closets.

The gated community’s amenities include laundry facilities, a swimming pool, gated on-site parking and picturesque views overlooking Fairmount Park. Offering the convenience of a SEPTA bus line stop in front of the building, Fairmount Terrace is within short walking distance to the City Line Avenue Shopping District. The property is at the crossroads of City Line Avenue, Route 1 and the Schuylkill Expressway and is just minutes from Center City and the Main Line, near St. Joseph’s University and Philadelphia College of Osteopathic Medicine.

According to Brecher, the buyer plans to launch a multi-million dollar capital investment to upgrade amenities, common areas and individual units to reposition the property. Current asking rents range from $850 for one-bedroom units to $1,050 for a two-bedroom unit.

“Demand for upscale apartment living is at an all-time high throughout Philadelphia,” said Ken Uranowitz, Gebroe-Hammer’s managing director. “As a result, solid for-sale multi-family housing properties are being acquired and upgraded by well-financed investors whose long-term strategy is to elevate the property’s class level and yield higher rents.”

Gebroe-Hammer Associates is the region’s leading real estate investment brokerage firm specializing in the sale of multi-family, retail and commercial properties. In addition to its strong presence in Philadelphia and Pennsylvania, Gebroe-Hammer is active throughout New Jersey and New York. Clients include private owners, REITS, private equity firms and other institutional investors.

###

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