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

Download Word Doc: Click Here

Release Date: Monday, July 30, 2007

EXPANSIVE LYNNEWOOD GARDENS COMPLEX IN ELKINS PARK, PA SELLS FOR APPROXIMATELY $135 MILLION
Gebroe-Hammer Handles Transaction Involving 31 Buildings Totaling 1,798 Units

ELKINS PARK, Pa., July 30, 2007 – Gebroe-Hammer Associates has negotiated the $134.25 million sale of Lynnewood Gardens, a 1,798-unit garden apartment complex in Elkins Park, Pa.  An industry leader for more than three decades, Gebroe-Hammer is among the tri-state region's most influential brokerage firms, specializing in the sale of multi-family, retail and commercial investment properties.

Sprawled along Montgomery County's border with Philadelphia, Lynnewood Gardens is one of the nation’s largest apartment complexes with 1,696 one- and two-bedroom units, plus 102 three-bedroom townhomes. The expansive residential property is situated on 122 landscaped acres and features such amenities as an Olympic-size swimming pool and diving well. It is located only 25 minutes from Center City with easy access to the PA Turnpike and is situated in the renowned Cheltenham School District. Residents enjoy easy access to public transportation and major highways, with on-site shuttle service to the Elkins Park station, which runs directly into Center City.

The property, which was closed in less than 30 days from the executed contract, was sold by Joseph Brecher, senior vice president for Gebroe-Hammer, and Robert Ploshnick, managing director, who spearheaded the off-market transaction. The Gebroe-Hammer team represented the seller, a private New York investor, and procured the buyer, a large New York-based investment firm. 

“The seller was seeking a quick turnaround,” Brecher noted.  “At the same time, the complex requires significant capital to maximize its potential and improve occupancy.  As a result, the buyer already had a team in place to complete renovations, and as a result, we were able to expedite the process.”

Renovation plans include an upgrade of the apartments and townhomes, installation of a fitness center and other enhancements to the property.

“Lynnewood Gardens is situated in a prestigious town with a blue-ribbon school district,” added Kenneth Uranowitz, managing director of Gebroe-Hammer.  “It is a very desirable residential complex, and our team was able to consummate the sale to a buyer who is eager to maximize the property’s potential.”

Richard Kelin of Feinstein, Raiss, Kelin & Booker of West Orange, N.J., served as attorney for the seller, and Josh Graf of New York-based Sukenik, Segal and Graf represented the buyer.

###

Based in Livingston, New Jersey, Gebroe-Hammer Associates provides innovative brokerage services to a wide range of private owners, REITS, private equity firms and other institutional investors. Gebroe-Hammer’s proven track record on behalf of its clients has resulted in consistent growth every year since its inception, with a large percentage of repeat business from owners and investors. The firm’s brokerage activity encompasses diverse property categories, ranging from suburban high-rise, mid-rise and garden-apartments to retail and office properties including real estate in urban areas undergoing revitalization and redevelopment initiatives. The company’s prime geographic area of focus includes New Jersey, Pennsylvania and New York, with additional transactions nationwide as well as representation of owners located around the globe.

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