2 West Northfield Road
Livingston, NJ 07039
Media Contact: Carin McDonald / (201) 796-7788 / carin@caryl.com
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Release Date: 08/19/2008
GEBROE-HAMMER HANDLES $3.6 MILLION SALE OF WHITE HORSE GARDENS IN HAMILTON TOWNSHIP, N.J.
Mercer County’s Allure as Major Transportation Hub Attracts Apartment Renters and InvestorsHAMILTON TOWNSHIP, N.J., August 19, 2008 – Gebroe-Hammer Associates, the region’s dominant commercial real estate investment firm, has negotiated the $3.6 million sale of White Horse Gardens, a 48-unit mid-rise apartment complex. Sales Associates Steven Follman and Elliot Schechter, along with Joel Schwartz, executive vice president, represented the seller and procured the buyer, both of whom are long-time private investment clients.
Located at 60-66 White Horse Pike, each of the three well-maintained three-story buildings features an all-brick façade with a total of 12 one-bedroom units and 36 two-bedroom apartments. The property was 95 percent occupied at the time of sale. “The strong occupancy rates, coupled with the condition and location of the property, attracted the buyer who was seeking to expand its portfolio,” noted Follman.
As New Jersey’s eighth-largest municipality, Hamilton is next to Trenton and less than an hour ride from New York, Philadelphia and the Jersey shore. The township’s bustling, new modern train station along NJ Transit’s Northeast Corridor line offers service to Manhattan’s Penn Station and the Trenton Station, which provides a link to the SEPTA Regional Rail Line. Nearby highways include the New Jersey Turnpike, I-295 and I-195 as well as Routes 130, 206, 33 and 1.
“This suburban locale has become quite popular among apartment renters who are commuting within New Jersey as well as to New York and Philadelphia,” added Schwartz. “Demand has strengthened area occupancy rates, which are a leading driver for investment interest and activity.”
Legal counsel was provided by Morris Silberberg, Esq., of Silberberg & Klein, LLP, in Howell, N.J., and Harold Ritvo, P.C., of Hackensack, N.J., on behalf of the seller and buyer, respectively. 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