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

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Release Date: Thursday, August 30, 2007

GEBROE-HAMMER COMPLETES $9.3 MILLION SALE OF ALTAMONTE TRACE APARTMENTS IN ALTAMONTE SPRINGS, FL
174-Unit Complex Bought by Pennsylvania-Based PRG Real Estate Management

ALTAMONTE SPRINGS, Fla., August 30, 2007 – Gebroe-Hammer Associates and Lucky Commercial Realty, Inc. of Miami, Fla. co-brokered the sale of the Altamonte Trace Apartments in Altamonte Springs, Fla. The sale price was $9.3 million. Gebroe-Hammer is one of the most active brokerage firms in the New Jersey tri-state area, serving clients both regionally and nationally.

Joseph Brecher, senior vice president at Gebroe-Hammer, spearheaded the deal, representing the New Jersey-based seller. “The seller, one of our long-time clients, has owned the property for nearly twenty years and is retiring,” Brecher explained. “The buyer, Pennsylvania-based PRG Management, owns several multi-family properties throughout the country. It is a perfect match.”

Altamonte Trace Apartments is a 174-unit complex consisting of 12 two-story buildings with studio, one- and two-bedroom apartments. The community includes a clubhouse and swimming pool. “The buyer intends to upgrade the property and add a fitness center,” said Brecher.

Situated in Altamonte Springs, a suburb of Orlando, the multi-family complex is convenient to nearby shopping and dining and is one of the few rental apartment complexes in the area.

Attorney for the seller was John Dumont of the law firm of Dumont and Watson in Princeton, N.J. The buyer’s attorney was Allen S. Scott of McCausland, Keen and Buckman in Radnor, Pa.

“Our firm’s hands-on approach to real estate sales helped to make this transaction possible,” noted Kenneth Uranowitz, managing director of Gebroe-Hammer. “Although most of our transactions take place in the New Jersey, Pennsylvania and New York

area, this Florida transaction is one of many in which we represent long-time clients with properties nationwide.”

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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. The company 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