Sales Associate Barry Mermelstein and Executive Vice President Joel Schwartz of Gebroe-Hammer Associates recently completed a portfolio sale consisting of three garden apartment buildings in southern New Jersey. The properties, totaling 95-units, include High Street Apartments in Burlington (pictured), East Browning Apartments in Bellmawr and East Browning Apartments in West Deptford.

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

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Release Date:November 21, 2007

GEBROE-HAMMER ASSOCIATES ARRANGES SALE OF MULTI-FAMILY PROPERTIES IN THREE SOUTH JERSEY MARKETS
95 Units Traded in Burlington, Bellmawr and West Deptford

LIVINGSTON, N.J., November 21, 2007 – Sales Associate Barry Mermelstein and Executive Vice President Joel Schwartz of Gebroe Hammer-Associates brokered the exchange of a portfolio of three multi-family properties in Burlington, Bellmawr and West Deptford, N.J. The buildings include 95-units in total and are all within 15-minutes of Center City Philadelphia.

The seller, Rent LLC of Hamilton, N.J., owned the properties for five and a half years before selling to High Street Associates of Newark, N.J. The law firm of Kalavruzos, Mumola and Hartman LLC of Hamilton, N.J. represented the seller. Steven Martino, Esq. of Nutley, N.J., represented the buyer.

“The transaction involved a number of complex components,” said Schwartz. “High Street Associates assumed control of the seller’s mortgage, which was financed via a conduit loan. In addition, properties were located in different towns across three counties. This confluence of factors made the deal incredibly complicated.”

The Burlington property, High Street Apartments, is a 20-unit garden-style building located only a few blocks from the Delaware riverfront. It consists of one- and two-bedroom apartments and was fully occupied at the time of sale. The building has close proximity to I-295, the New Jersey Turnpike and River Line light rail service to Trenton.

The second building, East Browning Apartments in Bellmawr, is a garden-style building consisting of 35 one-bedroom apartments, 98 percent of which were occupied at the time of sale. It is located near I-295, I-76, the New Jersey Turnpike and the Walt Whitman Bridge.

The third property, located in West Deptford, is Westwood Court Apartments, a 40-unit garden-style building consisting of eight one-bedroom and 32 two-bedroom apartments. The complex, which is 95 percent occupied, is a short distance from East Browning Apartments and shares a similar proximity to the region’s major roads and bridges.

“The demand for affordable housing in New Jersey’s Philadelphia suburbs has been particularly strong,” said Ken Uranowitz, managing director of Gebroe-Hammer. “This deal comes fast on the heels of several other sales that Schwartz and Mermelstein brokered in the area including a 546-unit complex in Lindenwold, one of the largest multi-family properties in south Jersey, a 42-unit complex in Riverside, a 56-unit complex in Clementon.”

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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