2 West Northfield Road
Livingston, NJ 07039
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Release Date: 07/28/2011
GEBROE-HAMMER ASSOCIATES ARRANGES $2+ MILLION SALE OF 85-UNIT PORTFOLIO IN PHILADELPHIARecent Transactions Reflect Multi-Family Investment Demand in Metro Area
PHILADELPHIA, Pa., July 28, 2011 – In a multi-family marketplace that continues to demonstrate stability and a 95-percent occupancy rate, Gebroe-Hammer Associates has orchestrated the $2.025 million sale of a four-building, 85-unit portfolio in Philadelphia. Eli Rosen, senior vice president of the Livingston, N.J.-based firm, represented the seller and buyer, a Gebroe-Hammer client.
“This complex all cash transaction involved a bank-approved ‘short sale’ in which the existing first mortgage was paid off at less than par in order for title to close,” said Rosen. “Recognizing the upside potential of the properties, the buyer is planning to launch a capital improvement program to reposition each of the properties at competitive market rates.”
The portfolio includes Grand Leiper Apartments, a 52 one-bedroom-unit, garden-apartment complex located at 4712 Leiper St., in Philadelphia’s lower northeast section. The six-building property is near the Market-Frankford SEPTA rail line, U.S. Route 1 (Roosevelt Boulevard), I-95 and the Tacony-Palmyra Bridge, just across the Delaware River. A five-unit building adjacent to Grand Leiper, and two additional properties comprised of 28 units nearby, were included in the transaction.
Gebroe-Hammer also recently finalized the $750,000 sale of 24 units in the southwest section of Philadelphia, near Philadelphia International Airport. The seller of the three-story garden-apartment complex named Rosen the exclusive listing broker after being referred by a fellow property owner. The area market specialist also identified the buyer of the well-located property on Dickens Avenue, a popular residential neighborhood.
“As the Philadelphia metro area’s economy continues to stabilize, the multi-family investment market has gained renewed strength,” said Joseph Brecher, executive vice president. “The tenant pool has gotten even stronger, as evidenced by the area’s 95-percent occupancy rate, rendering properties that do come to market particularly attractive. Rents have appreciated, as has property pricing for investment purposes, and these trends are expected to continue for the foreseeable future.”
Established in 1975 by industry icons Mel Gebroe, chairman, and the late Morris Hammer, Gebroe-Hammer Associates specializes in multi-family, retail and office property investment sales throughout New Jersey, New York and Pennsylvania. Widely recognized for its consistent sales performance, the firm is an eight-time CoStar Power Broker.
2 West Northfield Road, Suite 301
Livingston, NJ 07039