DEAL OF THE DAY: Gebroe-Hammer Associates Negotiates Sale of 26-Unit Property for $1.525M

By Anuradha Kher, Online News EditorPhiladelphia–Gebroe-Hammer Associates, an investment real estate sales organization based in Livingston, N.J., recently negotiated the sale of a 26-unit apartment building in Philadelphia’s East Mt. Airy neighborhood for $1.525 million.Ardleigh Gardens, located at 615 East Upsal St., near the Shelton Avenue and Germantown Avenue shopping districts, is fully occupied and features 21/2-story walk-up units. Each floor offers one- or two-bedroom layouts. “This building is in truly excellent condition and the building’s maintenance was a strong draw for the buyer,” says Eli Rosen, vice president of Gebroe-Hammer Associates.Ardleigh Upsal LP procured the property from Ardleigh Gardens LP. Rich Kelin of Feinstein, Raiss, Kelin and Booker of West Orange, N.J. represented the buyer in the transaction.“Philadelphia’s high occupancy rates have been a key reason for investor activity,” says Ken Uranowitz, managing director of Gebroe-Hammer. “The strength of the city’s rental market has kept sales prices rising steadily.”