Gebroe-Hammer Associates, a Livingston-based real estate brokerage firm, announced Friday it arranged multiple property trades totaling more than $30 million in South Jersey and Philadelphia.
According to the announcement, three trades in total sold for a combined $30.535 million and involved 897 units.
The brokerage team of Joseph Brecher, managing director, and Eli Rosen, senior vice president, represented the seller and buyer, local real estate investor Philip Balderston, in the $15.875 million sale of Coachman Manor in Lindenwold. The property is located at 401 E. Gibbsboro Road and is comprised of 564 units.
“Coachman Manor fit in well with the buyer’s multifamily portfolio profile,” said Rosen in a recent press release. “This acquisition is a sound investment because of the opportunity to implement a renovation program that will render the complex even more competitive in today’s strong rental market.”
The company also exclusively represented the seller and buyer, a local investor, in the $4.3 million sale of Lindley Towers. The property, a 104-unit apartment complex is located at 1220 Lindley Ave. in the Logan section of North Philadelphia.
“In addition to Philadelphia's strong renter pool traditionally comprised of hard-working families and empty nesters, it is seeing an influx of new college graduates from area universities who have decided to remain in the city and work here,” said Brecher, in regard to the Philadelphia market. “This trend, along with attractive pricing for multifamily product, has contributed toward growth at pre-recession levels.”
In the third transaction, Gebroe-Hammer represented a limited partnership led by Balderston in the $10.35 million acquisition of Edgely Estates. The apartment complex is located at 1610 Edgely Road in Levittown, Pa.
“Coachman Manor and Edgely Estates are examples of the types of properties for which investors are casting a wider net to add value. Both complexes were less than 80 percent occupied at the time of sale and are being repositioned to maximize each market’s strong rents and occupancy levels,” said Brecher in the release.
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