S hopping C enters N ew J ersey

Real Estate Journal — New Jersey — Section B


M id A tlantic

484-unit garden-apartment complex 95-percent occupied at time of sale Gebroe-Hammer Associates arranges $26m+ sale of Chalet Gardens in Pine Hill, NJ

HI-LIGHTS AUGUST 15 - 28, 2014 area (MSA) continues to be one of the most stable apartment- rental markets in the country, as indicated by the recent $26+ million sale of the 95% occupied Chalet Gardens, a 484-unit garden-apartment complex in the suburb of Pine Hill. The Gebroe-Hammer Associates brokerage team of Joseph Brecher , managing director, and Adam Zweibel , sales as- sociate, represented the seller INE HILL, NJ — The Greater Philadelphia metropolitan statistical P

18months. These include newly renovated units and the instal- lation of vinyl double-hung windows. The gated community is com- prised of 49 two-story buildings with 348 one-bedroom and 136 two-bedroom units. Each has central air conditioning, pri- vate entrances, patios or balco- nies, eat-in kitchens, oversized closets and separate laundry room with full-sized washer and dryer. On-site amenities include a swimming pool, tennis court, fitness center, playground and recreation area. Shopping, schools andmajor highways are nearby and there areNJ Transit bus connections at the entrance. According to Brecher, the buyer plans to finalize the prop- erty’s conversion to metered gas for each unit. Gebroe-Hammer arranged two previous sales of Chalet Gardens, representing the sellers during the 1980s and 1990s. The property was built in 1973. Legal counsel was provided by Richard Kelin, Esq. , of Livingston-based Feinstein, Raiss, Kelin&Booker, LLC ., on behalf of the buyer. n IBS continues to diversify and evolve through upgrades andmodifications that enhance the product and its delivery. In late 2013, the firm released Version 11.0 of its proprietary platform. The IBS software – written by real estate pro- fessionals – addresses virtu- ally all property management, accounting and construction management tasks. The system is scalable and customizable for private and public enterprises of any size, from just a few IBS users to hundreds of operators. The IBS business model offers truly turnkey solutions, from data conversion, hardware, custom- ized software and installation to extensive on/off-site train- ing, consulting, service and support. n

Chalet Gardens

and identified the buyer in the trade of the 31.58-acre complex. “This geographic region, de- fined as the Greater Philadel- phia MSA because of its high population density and close economic ties throughout the area, has been experiencing a combination of high occupancy rates and steady, moderate rent

gains since the beginning of last year,” said Brecher. “The prop- erty, which is located next to the exclusive Trump National Golf Club, offered the buyer an ideal opportunity to take advantage of today’s historically low inter- est rates and the availability of capital to finance multi-family assets.”

The Borough of Pine Hill is in South Jersey, situated approximately 17 miles from Philadelphia and 40 miles from Trenton. Located in the Camden West submarket of the Greater Philadelphia MSA, Chalet Gardens has undergone more than $3 million in capital improvements during the past



Mack-Cali announces over 116,000 s/f lease in Paramus

IBS announces partnership to enhance AvidXchange Integration with streamlined AP/payment processes

real estate owners and opera- tors. Already, many IBS clients enjoy an optimized accounts payable experience through an existing integration between IBS and AvidInvoice, AvidX- change’s intelligent invoice approval workflow software. Under the new initiative, the companies will build another integration involving AvidPay, AvidXchange’s business bill payment service. “IBS customers will now have the ability to advance their automation strategies, starting with the receipt of ven- dor invoices and facilitating an entirely paperless process all the way through executing ven- dor payments,” said Michael Praeger, CEO and co-founder of AvidXchange. IBS president Michael Mul-

TOTOWA, NJ — Property management and accounting systems provider Integrated

lin noted that the partnership with AvidXchange reflects his company’s commitment to interfacing with best-in-class products across multiple real estate categories. The IBS product features integrations with dozens of third-party software applications. “AvidXchange is the leading provider of AP and payment automation in the New York/ New Jersey region, and as such it was a natural partner for us,” Mullin said. “This is a great opportunity for IBS to help our client base opti- mize its user experience. We look forward to working with AvidXchange to build strong integrations and enable our users to have completely paper- less and streamlined AP and payment processes.”


B u s i n e s s S y s t e m s ( I B S ) o f Totowa has announced a partnership with AvidX- change, an a c c o u n t s payable and

Kislak completes $10.3 million sale of Bradley Beach Village

Mike Mullin

payment automation firm. The formalized relationship will enable the two companies to enhance the integration between the IBS system and AvidXchange products. The IBS system – developed over 35 years – today is used by more than 75 prominent New York/New Jersey area commercial and residential


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