Gebroe-Hammer Closes $89M Sales in Suburban Philly
The company brokered three transactions of properties located in three different counties in the South Jersey market. The apartment communities comprise 896 units.
By Tudor Scolca
Burlington Court Apartments
Multiple owners of Philadelphia-area apartment communities have tapped Gebroe-Hammer Associates to market their properties. Gebroe-Hammer recently closed three sales in Burlington, Camden and Gloucester counties. The apartment communities yielded a combined $88.9 million. Sales Associate Eli Herskowitz and Managing Director Joseph Brecher arranged all three transactions.
“In general, no new competitive stock has been introduced in South Jersey during the past 18 to 24 months, nor is any on the books for 2018 or 2019. This, coupled with the trend of growing employment throughout the Philadelphia metro, has prompted many of the region’s apartment owners—who recognize the window to garner the highest competitive sale price may be closing—to sell,” said Herskowitz in a prepared statement.
Investment opportunities in South Jersey
The broker duo represented the seller and procured the buyer for Burlington Court Apartments, a 201-unit community located at 870 E. Route 130 North in Burlington City, N.J., which traded for $12 million. The community features a mix of one- and two-bedroom units. The 19 buildings comprising the property were built in 1971 and renovated in 1995. The property’s location enables access to Interstate 295, the Burlington Bristol Bridge and the New Jersey and Pennsylvania turnpikes. The new owner plans to reposition the asset through capital improvements.
The team also arranged the $12.3 million sale of a 216-unit apartment community located 17 miles from central Philadelphia, in Camden County. The third transaction arranged by the Gebroe-Hammer representativesa 443-unit community in Gloucester County—traded for $64.6 million.
“Over the course of 2018, rents are expected to inch upward, which bodes well for investors seeking multifamily investment opportunities. Investors want the same things regardless of their New Jersey geographic target market: proximity and transit-link accessibility to a major metro, a tenant-base pipeline of college-educated millennials and empty-nesters and nearby lifestyle conveniences,” said Brecher in prepared remarks.
Image courtesy of Gebroe-Hammer Associates
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