www.marejournal.com Mid Atlantic Real Estate Journal — February 22 - March 14, 2013 — A O wners , D evelopers & M anagers F eaturing R enovation /R estoration Holland, Weilheimer and Keenan handle sale on behalf of the seller & procures buyer The Kislak Company brokers $19.6m sale of Ashley Club and Arbor Club Apartments W The properties are located five miles apart in suburban Pensacola. OODBRIDGE , NJ — The real e s t a t e b r oke r -
age firm Kislak Company, Inc. , announces the $19.6 million sale of Ashley Club Apartments and Arbor Club Apartments, two properties with a total of 392 units in Pensacola, FL. President Robert Holland , senior vice president Matt Weilheimer and sales associate Joseph Keenan handled the sale on behalf of the seller and pro- cured the purchaser through Kislak’s Florida brokerage affiliate. The seller was a partnership that owned the properties for more than 20 years and the purchaser was a large national owner and operator of multifamily properties. Ashley Club Apartments is a 224-unit property located at 2101 Scenic Highway and Arbor Club Apartments is a 168-unit property located at 700 East College Blvd. LIVINGSTON, NJ— Multi- family trading remains strong throughout the entire Dela- ware Valley region, including Southern New Jersey and Philadelphia, according to Gebroe-Hammer Associ- ates . The Livingston based firm recently completed four separate transactions totaling more than $14 million in this metro area. “Durable rent growth in this marketplace has made multi-family investments even more profitable in recent years – a condition that continues to lure veteran and first-time investors to the area,’’ said Joseph Brecher , manag- ing director. “The increase in sales activity and the number of properties currently under contract confirm that buyer confidence in multi-family in- vestments is surging through- out the region.” In the Borough of Linden- wold, Brecher and executive
“Pensacola, with its grow- ing population, expanding regional airport, strong local economy and pristine beach- es, garnered the attention of regional, national and Cana- dian investors,” said Keenan. “Our team did an excellent job marketing the properties and extolling the benefits of the local market,” said Hol- land. “The purchaser was looking to expand into the Pensacola market and these properties were a perfect fit,” said Weilheimer. The seller was represented by John Kuhn, Esq. , of Bilzin Sumberg and the purchaser was represented by in-house counsel. At the time of closing, Ashley Club Apartments was approxi- mately 96 percent occupied and Arbor Club Apartments was approximately 95 per- cent occupied. n In nearby northwest Phila- delphia, PA, Rosen secured a $2.85 million portfolio note sale from a prominent lending institution totaling 87 units in the city’s Fern Rock section. The six separate properties feature a mix of one- and two- bedroom layouts near Spencer Street and the neighborhood’s vibrant commercial district, just minutes from Center City. “The buyer plans to reposi- tion these distressed properties by implementing a compre- hensive renovation program,’’ said Rosen. “New commuting patterns from Pennsylvania to New York, New Jersey and Maryland also have made this area more attractive to rent- ers seeking affordability and lifestyle conveniences.” The Philadelphia market special- ist also arranged the $435,000 trade of 17 units at 4827 N. 6th St., in the city’s Olney neigh- borhood. n
Arbor Club Apartments
Gebroe-Hammer Associates arranges four multi-family sales netting $14+ million in Southern NJ And Philadelphia
ized property is situated in a quiet, residential area within a short distance of Route 295 as well as Route 42, I-130 and the Atlantic City Express- way, making it a popular tenant/commuter hub,’’ said Schwartz.
VP Joel Schwartz orches- trated the $7.75 million sale of Birchwood Gardens/Quail Run Apartments, a 216-unit garden-apartment complex located at 105 Blackwood Clementon Rd. Schwartz, along with senior
VP Eli Rosen , also repre- sented the seller and identified the buyer in the $3.25 million trade of 68 garden apartment- style units at Bell LakeApart- ments in the City of Woodbury, in Gloucester County. “This well-located, modern-
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