Gebroe-Hammer Associates recently brokered the sale of Johnson Court (pictured), a garden apartment complex located at 1300 East Johnson Street in the West Mount Airy section of Philadelphia. The property was sold along with Hampshire House in the East Falls neighborhood as part of a two-complex deal totaling $6.6 million.

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

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Release Date: Thursday, October 04, 2007

GEBROE-HAMMER COMPLETES $6.6 MILLION TWO-COMPLEX SALE IN PHILADELPHIA
Eli Rosen Brokers Transaction Totaling 131 Units in City’s Upscale Northwest Section

PHILADELPHIA, Pa., October 4 – Two multi-family housing properties in Philadelphia’s Northwestern Sector have been sold for $6.6 million. Eli Rosen, assistant vice president of Gebroe-Hammer Associates, brokered the transaction, which included Hampshire House in East Falls, and Johnson Court in West Mount Airy.

“Philadelphia’s northwest sector is one of the city’s key burgeoning markets,” said Rosen. “Residents are drawn by the area’s diversity, excellent shopping opportunities and good quality of life.” 

”The buyer, Johnson Hampshire LP, a local investment group, was seeking to build a larger presence in the Northwest Philadelphia market, and the two properties represent a major foothold in the area,” Rosen said. Johnson Cordell LP was the seller.

Based in Livingston, N.J., Gebroe-Hammer Associates is one of the leading multi-family brokerages in the region. Eli Rosen is spearheading the company’s efforts in the Philadelphia market and personally brokered more than $150 million in sales in 2006.

Hampshire House, a two-building garden apartment complex, is located at 5008 McKean Avenue in Philadelphia’s affluent East Falls neighborhood. The two-story brick buildings, consisting of 55 one- and two-bedroom apartments, are in close proximity to Route 1 and only a 10-minute drive from Center City. 

Johnson Court is located at 1300 East Johnson Street in the West Mount Airy section of the city. The four building, two-story garden complex consists of 76 one- and two-bedroom and studio apartments. Center City is a 15-minute SEPTA bus ride away.  West Mount Airy is one of the most diverse neighborhoods in Philadelphia with attractive shopping districts and well-maintained houses according to Rosen.

“Many investors have targeted the City for growth and are very keen on establishing an asset base there, especially in the northwestern region,” added Ken Uranowitz, managing director of Gebroe-Hammer. “Multi-family property continues to appreciate, rents are rising and vacancy rates are among the lowest in the country.”  In fact, according to the National Association of Realtors, Philadelphia is one of only six areas in the nation with apartment vacancy rates of 2.7 percent or less.

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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