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Gebroe-Hammer Arranges $30+ Million in Metro Philadelphia Value-Add Multi-Family Property Sales
In total, the three separate trades sold for a combined $30.525 million and involved 897 units located throughout the city and its surrounding Pennsylvania/
The brokerage team of Joseph Brecher, managing director, and Eli Rosen, senior vice president, exclusively represented the seller and the buyer, local real estate investor Philip Balderston, in the $15.875 million sale of Coachman Manor in Lindenwold, N.J. Located at 401 E. Gibbsboro Rd., the 546-unit complex is comprised of a mix of one- and two-bedroom/
"Coachman Manor fit in well with the buyer's multi-family portfolio profile," said Rosen. "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."
Gebroe-Hammer also exclusively represented the seller and indentified the buyer, a local investor, in the $4.3 million sale of Lindley Towers, located at 1220 Lindley Ave., in the Logan section of North Philadelphia. The 104-unit property features a mix of studio, one- and two-bedroom apartments and the majority of which have newly renovated kitchens. Situated near the Broad Street corridor and Roosevelt Boulevard, the property is in close proximity to area transit links. These include SEPTA's Logan Station two blocks away and bus routes with stops just steps from the property. Controlled access and on-premises laundry are among the amenities.
"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 multi-family product, has contributed toward growth at pre-recession levels."
In the third transaction, Gebroe-Hammer also represented a limited partnership led by Balderston in the $10.35 million acquisition of Edgely Estates, located at 1610 Edgely Rd., in Levittown, Bucks County, Pa. The property is comprised of newly renovated studio, and one- and two-bedroom units. The Levittown, Pa., courtyard-style complex is minutes from the region's extensive highway network, including I-95, the Pennsylvania Turnpike, I-295 and Route 1, as well as a SEPTA line.
"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," added Brecher.
Gebroe-Hammer Associates specializes in suburban and urban high-rise, mid-rise and garden-apartment properties throughout New Jersey, New York and Pennsylvania, including Philadelphia. The firm also markets mixed-use and free-standing office and retail properties on behalf of a wide range of long-term clients, including private owners, REITS, private equity firms and other institutional investors. Widely recognized for its consistent sales performance, Gebroe-Hammer is a nine-time CoStar Power Broker.