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

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Release Date: December 11, 2008

GEBROE-HAMMER CLOSES $8.778 MILLION SALE OF TOWNE OAKS IN SOUTH BOUND BROOK, N.J.
Commuters Contribute Toward Strong Multi-Family Investment Market

SOMERSET, N.J., December 11, 2008 – Gebroe-Hammer Associates, the region’s leading commercial real estate investment firm, has announced the $8.778 million sale of 97 units in South Bound Brook, N.J. Joseph Brecher, executive vice president, negotiated the trade of Towne Oaks, located at 159 Main St., on behalf of the seller, The Lightstone Group, and the buyer, a North Jersey 1031 investor.

“South Bound Brook is undergoing a comprehensive redevelopment effort that has attracted an influx of New York City commuters seeking rental apartments in this picturesque, sprawling suburban setting,” said Brecher. “As a result, occupancy levels are high, and investment activity is surging.”

Towne Oaks offers a serene park-like setting in South Bound Brook just 10 minutes from New Brunswick. Each studio, one- and two-bedroom unit features an outdoor balcony/deck/patio as well as walk-in closets and hardwood flooring complemented by plush carpeting.

The property is primarily served by I-287 and the Raritan Valley Line of NJ Transit. Bus service to Manhattan’s Port Authority Bus Terminal as well as Newark also is available.
The Delaware and Raritan Canal State Park, located on the town’s northern and eastern boundaries, attracts hikers, bikers and boaters daily throughout the year.

“Once known for its rolling apple and peach orchards, Somerset County has emerged as a strong multi-family housing submarket where demand is at an all-time high and supply of existing for-sale product is virtually obsolete,” explained Ken Uranowitz, Gebroe-Hammer’s managing director.

Brecher orchestrated the transaction along with the seller’s in-house counsel and Louis Sroka, Esq. on behalf of the buyer.

Gebroe-Hammer Associates is the region’s leading real estate investment brokerage firm specializing in the sale of multi-family, retail and commercial properties. In addition to its strong presence in New Jersey, Gebroe-Hammer is active throughout Pennsylvania, including Philadelphia, and New York. Clients include private owners, REITS, private equity firms and other institutional 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