Real Estate Journal — Southern New Jersey — July 13 - 26, 2018 — 7B
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546-unit garden community leads firm’s latest greater Philadelphia sales transactions Gebroe-Hammer Associates arranges $32.1M sale of Woodland Village Apartments in Southwest NJ
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Adding to Gebroe-Hammer’s latest Greater Philadelphia transaction pace are two sales involving a total of four separate properties. Within Philadelphia proper, Rosen represented the seller and procured the buyer in the $3.1 million trade of 42 units at 6300 Magnolia St. and 6323 Carnation St., occupying two city blocks in the German- town section of Philadelphia. He also closed the sale of two outer-suburb Delaware County properties comprised of 16 apartment-rental units located at 1214 2nd St., and 7-11 and 13-19 Upland Ave. in the two
boroughs of Eddystone and Upland, respectively. The Gebroe-Hammer Greater Philadelphia team represents clients with investment inter- ests in their urban and subur- ban submarkets of specializa- tion as well as those that extend throughout the Pennsylvania/ New Jersey/New York State geographic area and the greater Northeast. Collaboratively, the team has effectively expanded the firm’s client base from pri- vate individual owners to now include REITs, private equity firms and institutional invest- ment entities.
OUTH JERSEY/PHIL- ADELPHIA, PA — In the Metro Philadelphia apartment submarket, where the vacancy rate remains below the Northeast average, Ge- broe-Hammer Associates has arranged three multi-family sales, including the $32.1 mil- lion trade of Woodland Village, located at 401 E. Gibbsboro Rd., in Lindenwold, NJ. The brokerage team of senior vice president Eli Rosen and sales associate Eli Herskowitz rep- resented the seller and procured the buyer in the Camden West submarket sale. “At just 4.1%, the Greater Philadelphia vacancy rate is considered ‘typical’ by local stan- dards at the peak of a construc- tion boom highly concentrated within Center City,” said Rosen, who has been instrumental in expanding Gebroe-Hammer’s investment brokerage presence within the region. “Because of Center City’s employer appeal and its connectivity to the outer suburbs, adjacent bedroom communities are expected to end the year on a high note, with submarkets like Camden West projected to finish with occupancy rates at 97+%.” In Lindenwold, an emerging enclave for single millennials and established executives with families who favor the borough’s lower cost of living as compared to Philadelphia, Rosen and Her- skowitz orchestrated the trade of Woodland Village on behalf of the seller, Odin Properties LLC, and procured the buyer, a private investor. Built in 1970, the 546-unit garden-style community features a mix of one- and two-bedroom layouts ranging from 670 SF to 829 SF. Among the property’s ame- nities are newly renovated kitchens and separate dining rooms, king-size bathrooms, bay windows, on-premises ten- nis courts and scenic woodland views. Nearby lifestyle ameni- ties include shopping, dining, entertainment and recreational venues as well as proximity to Lindenwold Station, the east- ern terminus/main operations facility for the PATCO Speed- line. “The buyer was drawn to the property’s strategic southwest New Jersey location, just 17 miles from Philadelphia in the heart of this thriving, top- performing submarket,” said Herskowitz. “Value-add plans include a barbeque/picnic area and a children’s playground.”
Woodland Village, Lindenwold, NJ
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