Whitehall, PA/Runnemede, NJ, June 14, 2017 – A two-property, 532-unit multi-family portfolio presenting significant value-add and repositioning potential has sold for a combined $33.75 million in a transaction arranged by Gebroe-Hammer Associates of Livingston, NJ. The brokerage team, including Managing Director Joseph Brecher and Executive Vice President David Jarvis, exclusively represented the seller and procured the buyer, a private investor, in the sale of Orchard Drive Apartments in Whitehall, PA and Presidential Court Apartments in Runnemede, NJ.
Both properties, which were built in the 1960s and were owned by the seller for 40+ years. The Lehigh Valley and Philadelphia/South Jersey submarkets are among the region’s top MSAs where millennial-aged/executive-level tenant demand continues to trend upward.
The $18.25 million Orchard Drive Apartments sale involved a total of 264 one- and two-bedroom units ranging from 782 to 1,013 SF. The selling entity was Orchard Drive Associates. The community is in close proximity to some of the area’s leading employers, including the Lehigh Valley and St. Luke’s Hospital and Health Networks, Amazon.com, Air Products and Chemicals and the American headquarters for Olympus Corporation.
Like Orchard Drive Apartments, Presidential Courts features a mix of one- and two-bedroom layouts throughout the 268-unit garden-apartment complex. It is just 11 miles from Philadelphia and has its own stop along the local NJ Transit bus route. Presidential Associates LP was the selling entity and TNJ Properties LLC was the acquisition entity.
Both properties are located near mass transit links, an extensive highway network, neighborhood schools and shopping, including Pennsylvania’s Lehigh Valley Mall and Whitehall Mall and New Jersey’s Deptford Mall. Each also boasts on-site community amenities ranging from off-street parking and laundry facilities to professionally landscaped courtyards and playgrounds.