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

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Release Date: July 10, 2008

PHILADELPHIA’S MULTI-FAMILY HOUSING MARKET STRENGTHENS WITH $3.6 MILLION SALE OF PASTORIOUS COURT APARTMENTS
Gebroe-Hammer Closes on its Fourth Philadelphia Multi-Family Property Sale in Four Months

PHILADELPHIA, Pa., July 10, 2008 – Gebroe-Hammer Associates has announced the $3.6 million sale of Pastorious Court Apartments, a 42-unit mid-rise apartment complex in the prestigious West Mount Airy neighborhood. Eli Rosen, vice president, represented the seller, Pastorious Court LP, and procured the buyer, PC Apartments, LP.

“Well-maintained rental properties in excellent condition like Pastorious Court are especially appealing to investors because vacancy rates are low, the tenant base is comprised of young professionals and there is strong rent appreciation potential,” said Rosen. According to Gebroe-Hammer, vacancy rates are above 95 percent and average monthly rents range from $700 to $1,200. “This sale was quite impressive because of its $85,000 per-unit price, which is a record for this area and reflects the strength of the rental market. Apartments in this neighborhood are in high demand and considered to be one of the best in the city.”

Located at 6600 Lincoln Dr. in northwest Philadelphia, the four-story complex features an all-brick façade and a mix of one-, two- and three-bedroom layouts. Fully occupied at the time of sale, the new owner is planning to implement several upgrades.

Situated directly across from the SEPTA Regional R8 Rail Line, the neighborhood is served by seven bus routes, Route 1 and the Schuylkill Expressway. Center City is 15 minutes away. Nearby Germantown Avenue, which features cobblestone roadways, offers an array of locally owned quaint shops and popular restaurants as well as a few chain stores.

First-class multi-family housing properties are in demand among investors seeking high-quality buildings in well-established neighborhoods. In the past four months, Gebroe-Hammer has negotiated the disposition of more than 395 units throughout Philadelphia for a combined total of $42.85 million in sales. In addition to Pastorious Court, these include Ardleigh Gardens, a 26-unit apartment building in the East Mt. Airy neighborhood; Fairmount Terrace Apartments, a 162-unit Wynnewood Heights garden apartment complex; and The Courts, a 167-unit apartment complex located in the University City neighborhood.

“Although Class-A multi-family housing buildings are the most desirable asset acquisition in today’s market, experienced investors with significant capital also are aggressively pursuing urban Class-B and C properties to implement property-repositioning initiatives,” said Ken Uranowitz, managing director of Gebroe-Hammer Associates.

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.

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