Real Estate Journal — Owners, Developers & Managers — September 29 - October 12, 2017 — 7B
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M id A tlantic
O wners , D evelopers & M anagers
148-unit garden-apartment community underwent recent upgrades Gebroe-Hammer Associates reps. seller/procures buyer in $7.5msale of Summit Place in Southwest Jersey
indenwold, NJ — In the second largest of the Greater Philadel- phia Metro Apartment Mar- ket’s 28 distinct submarkets – CamdenWest – Gebroe-Ham- mer Associates has arranged the $7.5 million sale of 148 units at Summit Place, a re- cently renovated garden-style community located at 411 E. Gibbsboro Rd., in Lindenwold. Vice president Adam Zweibel represented the seller, ARD Lindenwold LLC, and procured the buyer, a private investor, in the transaction. “Known as a friendly, close- knit community with tree-lined streets and scenic woodland areas, Lindenwold is emerging as an enclave for single millen- nial and established, executive- level out-commuters,” said Zweibel, the firm’s Central/ South Jersey area market spe- cialist. “For the same reasons the tenant base is drawn to this emerging submarket – ex- tensive highways, the nearby Lindenwold Station transit center, convenient lifestyle services – so are experienced investors.” Situated in southwest New Jersey on the Pennsylvania border, Lindenwold has evolved into an emerging bedroom com- munity offering close proximity to Center City, Philadelphia, just 17 miles away, and the Trenton/Ewing/Hamilton cor- ridor, with its high concentra- tion of New Jersey State offices and 72,700 government jobs. As South Jersey’s crossroads for commerce, education and healthcare, the region is home to numerous Fortune-500 com- panies, colleges/universities and well-known health and life sciences organizations. These include AmericanWater Works, Campbell Soup Com- pany, Global Aluminum and Lockheed Martin. Built in 1971, Summit Place recently underwent compre- hensive capital improvements. While exterior enhancements included new windows and doors, the one- and two-bed- room apartment units also have undergone extensive upgrades. These include new kitchen cabinetry and appli- ances; dishwashers; decora- tive crown molding; carpeting; bathroom upgrades; and the addition of washer/dryers. Each also offers individually controlled central air condi- tioning and heating, oversized closets and balconies. L
maintained 1970s-era product,” added Zweibel. With 17,096 units, amounting to 8.0% of the total metro inventory, the CamdenWest submarket is the second largest of the 28 distinct Philadelphia Metro submar- kets, smaller only than Center City. According to REIS, during 2018 and 2019 no additional competitive apartment stock is projected to be introduced into the submarket’s inventory. “This bodes well for both asking and effective rents, which are expected to rise on an annualized basis in 2018 and 2019 and will only feed
the investment fire even more,” said Zweibel. Gebroe-Hammer is the lead- ing and most trusted multi- family investment sales bro- kerage firm in New Jersey and the entire tri-state region, from Northeast Pennsylvania to New York State. The firm specializes in suburban and urban high-rise and garden- apartment properties and also markets mixed-use and free- standing office and retail prop- erties. Widely recognized for its consistent sales performance, the firm is a 14-time CoStar Power Broker. n
Summit Place
“The sale of Summit Place illustrates how investment demand is tightening its grip
within the CamdenWest apart- ment market, particularly when it comes to existing, well-
P o s k a n z e r S k o t t A r c h i t e c t s 550 North Maple Avenue, Ridgewood, NJ 07450 201.445.2322 www.poskanzerskott.com
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