www.marejournal.com O WNERS , D EVELOPERS & M ANAGERS F EATURING C ONTRACTORS /S UBCONTRACTORS & S AFETY /S ECURITY Firm’s managing director Brecher & senior VP Rosen represent sellers & procure buyers Gebroe-Hammer Associates completes two PA multifamily sales totaling $4.94 million B ALA CYNWYD/YARD- LEY, PA — Gebroe- Hammer Associates Mid Atlantic Real Estate Journal — June 28 - July 11, 2013 — Section B
in Bala Cynwyd, PA, traded for $4.05 million, equating to more than $109,400 per unit. Lo- cated in the heart of suburban Philadelphia’s historical Main Line region, the property con- sists of three, three-story brick buildings with five studio, 27 one-bedroom and five two-bed- room apartments. St. Joseph’s University and shopping and dining destinations are nearby. Units offer hardwood floors, screened porches, brick-en- closed patios, sun rooms and keyed entry doors with an in- tercom system. “Edge Hill Court provides a value-add opportunity result- ing from upgraded kitchens and baths that have netted a premium in asking rents,” said Brecher. In the second transaction, the 14-unit 41North Delaware Ave. in Yardley, PA, has been sold for $890,000. Located on the Delaware River in Lower
Bucks County, the property is close to SEPTA Regional Yardley station with service to Philadelphia, and provides easy access to I-95. It consists of 14 two-bedroom units, provides on-site parking and has on- premises laundry facilities. “Multi-family assets continue to provide one of the stron- gest commercial real estate investment opportunities in southeastern Pennsylvania,” said Brecher. “Both of these offerings attracted a great deal of interest. With its location between NY and Washington, DC, this bi-state PA/NJ region continues to experience high tenant demand and occupancy rates, which is driving investor interest.” Gebroe-Hammer special- izes in suburban and urban high-rise, mid-rise and garden- apartment properties through- out NJ, NY and PA, including Philadelphia. ■
has orchestrated the sale of two multi-family properties in southeastern Pennsylvania, totaling a combined 51 units that sold for $4.94 million. The Livingston, NJ based firm’s managing director Joseph Brecher and senior vice presi- dent Eli Rosen represented the sellers and procured the buyers in both transactions. In the larger of the two trans- actions, the 37-unit Edge Hill Court at 25 Old Lancaster Rd. HIͳLIGHTS JUNE 28 - JULY 11, 2013
Edge Hill Court at 25 Old Lancaster Rd. in Bala Cynwyd, PA
Contractors Subcontractor Safety/Security
UIP General Contracting finalizes full-scale $4.5 million renovation of Takoma Flats in DC
WASHINGTON, DC—UIP General Contracting, Inc. (UIPGC) has completed a full-scale $4.5 million renova- tion of Takoma Flats, located on the border of Washington, DC and Silver Spring, MD. The six-building garden style com- munity consists of 71 existing units and 17 newly constructed units in previously non-leas- able cellar space. Rock Creek Property Group, LLC and Baybridge Group acquired the project formerly known as Juniper Gardens in November of 2011. They then hired UIPGC to provide plan review and value engineering services as well as perform the renovations. The scope of work, in addition to creating the 17 new units, included: replacing antiquated, inefficient central boiler sys- tems with individual in-unit HVAC systems; installing new upgraded electrical systems; creating in-ground patios for the terrace level units; and full- scale interior renovation of all
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Ben Franklin TechVentures earns LEED Gold CerƟficaƟon
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Takoma Flats located on the border of Washington, DC and Silver Spring, MD
units including newly upgraded kitchens and bathrooms. Throughout the renovation, UIPGC strategically coordi- nated construction activities to relocate existing residents onsite and ensure no disruption
of services to these residents. “Tenant in-place, value-add projects are one of UIPGC’s strengths. We were able to add substantial value in the precon- struction phase by reducing the total project cost by $600,000
and helping our clients, Rock Creek Property Group and Bay Bridge Group, achieve their goals by substantially upgrading their asset,” said Heath Wilkinson, president of UIPGC. ■
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