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

Download Word Doc: Click Here

Release Date: Wednesday, July 15, 2009

GEBROE-HAMMER ASSOCIATES CLOSES $13.5 MILLION SALE OF COOPER LANDING APARTMENTS IN CHERRY HILL,
N.J. Strong Demand Remains for Quality, Well-Maintained Properties

CHERRY HILL, N.J., July 15, 2009 – Gebroe-Hammer Associates, the region’s leading commercial real estate investment firm, has orchestrated the $13.5 million sale of Cooper Landing Apartments, a 176-unit mid-rise apartment complex in Cherry Hill, N.J. Executive Vice Presidents Joseph Brecher and area specialist Joel Schwartz represented the seller, The Orbach Group, and procured the buyer, a long time Gebroe-Hammer client.

Located at 801 Cooper Landing Rd., the two-building complex is comprised of seven floors and a mix of 69 one-bedroom, 102 two-bedroom and 5 three-bedroom units featuring balconies. On-site amenities include an outdoor pool and scenic walking path. According to Brecher, Cooper Landing was 96 percent occupied at the time of sale, reflecting local market conditions.

“The seller sought to dispose of this high-quality property in order to implement a 1031 exchange for another investment opportunity in New York City,” said Brecher. “Since Cooper Landing Apartments has retained its prominence as one of the most well-maintained multi-family housing properties in one of South Jersey’s most desirable towns, the buyer acted very quickly to facilitate a 45-day closing.”

Strategically situated in the heart of Camden County, N.J., the complex is just off of Route 38 and in close proximity to Route 70, I-295 and the New Jersey Turnpike. Cherry Hill Mall, the area’s principal shopping center, as well as fine dining and entertainment are nearby.

“Cherry Hill has gained national prominence as one of the best places to live nationally and in the region,” said Ken Uranowitz, Gebroe-Hammer’s managing director. “As such, properties like Cooper Landing Apartments have remained very much in demand among multi-family housing investors and tenants despite the current economy.”

In addition to offering 19 public schools, ranging from an early childhood center to grammar and middle schools as well as a traditional and alternative high school, Cherry Hill is a key bedroom community. The township is within a one-hour commute to Philadelphia, Camden, Trenton, and Princeton. NJ Transit bus service is available locally and to Philadelphia and rail service is available on the Atlantic City Line.

Legal counsel was provided by Richard Kelin of West Orange, N.J., and Morris Silberberg of Howell, N.J., on behalf of the seller and buyer, respectively.

Gebroe-Hammer Associates is the region’s dominant real estate investment brokerage firm specializing in the sale of multi-family, retail and commercial properties. In addition to its strong presence in New Jersey, Gebroe-Hammer is active throughout Pennsylvania, including Philadelphia, 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