Mid Atlantic Real Estate Journal — April 11 - 24, 2014 — 3A
www.marejournal.com
M ID A TLANTIC R EAL E STATE J OURNAL Investments reflect wider net being cast by buyers Gebroe-Hammer arranges $30m+ in multi-family sales P
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HILADELPHIA, PA — Gebroe-Hammer Associates announced three recent sales – two of which were distressed – ar- ranged by the investment bro- kerage firm. The brokerage team of Jo- seph Brecher , managing director, and Eli Rosen , senior vice president, represented the seller and the buyer, local real estate investor Philip Balder- ston, in the $15.875 million sale of Coachman Manor in Lindenwold, NJ. Located at 401 E. Gibbsboro Rd., the 546- unit complex is comprised of a mix of one- and two-bedroom/ one-bath and three-bedroom/ two-bath layouts. “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 repre- sented the seller and identified the buyer, a local investor, in the $4.3 million sale of 104-unit Lindley Towers, located at 1220 Lindley Ave., in the Logan sec- tion of North Philadelphia. “In addition to Philadelphia's strong renter pool tradition- ally comprised of hard-working families and empty nesters, it is seeing an influx of new college graduates from area universi- ties who have decided to remain in the city and work here,” said Brecher, in regard to the Phila- delphia 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 represent- ed a limited partnership led by Balderston in the $10.35 million acquisition of Edgely Estates, located at 1610 Ed- gely Rd., in Levittown, Bucks County, PA. The property is comprised of newly renovated studio, and one- and two-bed- room units. “Coachman Manor and Ed- gely 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.
Bryn Merrey Washington, D.C. (202) 536-3700 J.D. Parker Manhattan (212) 430-5100
Spencer Yablon Philadelphia (215) 531-7000 Brian Hosey New Jersey (201) 582-1000
www.marcusmillichap.com
Coachman Manor
REAL ESTATE AUCTION FORMER CORRY MEMORIAL HOSPITAL Saturday April 26 Th at 10 AM 612 West Smith St. Corry, PA 35 miles South East of Erie, PA Take Rt. 6 East to Corry, turn right at W. Smith St. to 612 W. Smith St. Corry, PA
Well maintained 80 bed hospital with 83,000 sf, two story brick building with full basement, two elevators, plus detached 4 bay garage, ample o ī street parking. Situated on a 4 acres with all public u Ɵ li Ɵ es, plus access to all 4 surrounding streets. Could be converted to assisted living, nursing or residen Ɵ al uses.
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