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

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Release Date: Friday, August 03, 2007

Media Contact: Sheila Starkey (201) 796-7788

GEBROE-HAMMER NEGOTIATES $11.7 MILLION SALE OF ENGLISH OAKS APARTMENT COMPLEX IN SAVANNAH, GA
Fourth Deal Negotiated Recently for Same Seller Involves 278 Units

SAVANNAH, Ga., August 3, 2007 – Gebroe-Hammer Associates, a leader in the real estate brokerage industry for more than three decades, has negotiated the $11.7 million sale of the 278-unit English Oaks apartment complex in Savannah, Ga.

The deal was handled by Joseph Brecher, senior vice president of Gebroe-Hammer, who represented the seller and procured the buyer in the transaction. The purchase was financed by Sovereign Bank.

“The seller is a long-term client of ours,” noted Brecher. “He is retiring after many years in real estate, and we have sold off four of his properties thus far. The buyers, a partnership of New York and Savannah-based individuals, were looking to acquire more property in the area.”

English Oaks, located at 9400 Abecore Extension, adjacent to Hunter Air Force Base, consists of 249 one-, two- and three-bedroom apartments and 29 two- and three-bedroom townhouse units. Built in 1971, it is comprised of 31 two-story brick buildings and includes, among its amenities, a tenant swimming pool.

“The purchaser expects to do a total renovation of the property, including new kitchens and baths in all the units, as well as new landscaping,” said Brecher. 

The seller’s attorney was John Dumont of Dumont and Watson in Princeton, N.J.  The buyer was represented by Kara Clements of Rubinitz and Lohn in Savannah.

Headquartered in Livingston, N.J., Gebroe-Hammer is one of the most active and influential brokerage firms in the New Jersey, Pennsylvania and New York region, specializing in the sale of multi-family, retail and commercial investment properties.  It also represents client interests nationwide.

“Many of the members of our team have been with us for decades and have a proven track record with long-standing clients,” explained  Kenneth Uranowitz, managing director of Gebroe-Hammer. “It is just such a relationship that enabled Joseph Brecher to negotiate the best possible deal for this seller, handling the sale of more than 1,000 units in a variety of transactions and locales throughout the country.  Our personal approach, coupled with unmatched expertise and experience, has enabled Gebroe-Hammer to grow consistently since our inception, with a large percentage of repeat business from owners and 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