Gebroe-Hammer Orchestrates Sale of Two Pennsylvania Communities for a Total of $4.94M
- Jun 04, 2013
Bala Cynwyd, Pa.—Gebroe-Hammer Associates, a Livingston, N.J.-based firm, represented two sellers of multifamily properties in separate transactions in southeastern Pennsylvania totaling a combined 51 units that sold for $4.94 million.
“Pennsylvania’s urban and suburban centers continue to provide savvy investors with a growing number of substantial value-add opportunities,” Joseph Brecher, Gebroe-Hammer Associates’ managing director, tells MHN. “Both of these buyers recognized the long-term investment potential these well-located assets offer in conjunction with their existing portfolios as well as the potential to attract a strong and steady stream of renters.”
Edgehill 25 LP acquired the 37-unit Edge Hill Court at 25 Old Lancaster Road in Bala Cynwyd, Pa., from Edeghill Court LP for $4.05 million. The property consists of three, three-story brick buildings with five studios, 27 one-bedroom and five two-bedroom apartments.
Units offer hardwood floors, screened porches, brick-enclosed patios, sunrooms and keyed entry doors with an intercom system. According to Brecher, the buyer plans to implement a comprehensive renovation program that will complement its current amenities and render it more competitive.
“The building is located just 15 minutes from Center City Philadelphia along the Main Line in a neighborhood rich in historic charm,” Brecher says.
In the second transaction, Kare Poperties LLC acquired the 14-unit 41North Delaware Ave. in Yardley, Pa., from 41 Delaware Avenue Partners LP for $890,000.
Located on the Delaware River in Lower Bucks County, the property consists of 14 two-bedroom units, provides on-site parking and has on-premises laundry facilities.
“The property provides on-site amenities along with proximity to I-95, shops, art galleries, restaurants and a quaint historic district,” Brecher says. “The community’s scenic character is defined by the picturesque Delaware Canal. For commuters, the SEPTA station also is nearby.”
Gebroe-Hammer Associates specializes in suburban and urban high-rise, mid-rise and garden apartments throughout New Jersey, New York and Pennsylvania, including Philadelphia. The company secured the buyer in each of the transactions.
“Multifamily properties continue their reign as one of the healthiest commercial real estate investments throughout the Pennsylvania marketplace,” Brecher says. “Both of these southeastern Pennsylvania suburbs are experiencing high levels of investor and tenant demand—both of which are feeding today’s competitive asking prices and fortified occupancy rates, respectively.”