12D — March 2023 — The Best of 2022 — M id A tlantic Real Estate Journal www.marej.com The LARGEST MULTIFAMILY SALE of 2022
Gebroe-Hammer Associates Northwood Estates-Beech Spring Village 1031 Exchange
JLL Capital Markets Riello Edgewater, NJ
GREA Mid-Atlantic (formerly Rittenhouse Realty Advisors) Next LVL - 4233 Chestnut St.
Brokers: Jose Cruz, Michael Oliver, Steve Simonelli, J.B. Bruno, Kevin O’Hearn Size: 226 Units Located at 99 George Road, the 20-story building consists of one-, two-, and three-bedroom units with generous layouts and ample space averaging 1,200 SF per unit. Other features include granite countertops, stainless steel appliances, hard- wood floors, open-concept kitchens, and walk-in closets. The building also features amenities such as an outdoor swimming pool, a 24-hour fitness center, sauna and steam room, covered garage parking, children’s playroom, business center, bike storage, pet run, and barbecue area. In a rare “true” 1031 Exchange, Gebroe-Hammer Associates’ David Jarvis finalized the swap of two properties involving a combined 306 units sold. The exchange, where both parties bought and sold one another’s properties, was arranged on behalf of the long-time firm clients by Jarvis, an executive VP, who exclusively represented each of the unnamed private investors. The involved properties included Northwood Estates in North Brunswick and Beech Spring Village Apartments in Summit, both in NJ. The BEST OUT OF STATE PROJECT/DEAL of 2022 Brokers: Ken Wellar, Corey Lonberger, Mark Duszak, Douglas Sitt Size: 281 Units Situated in the vibrant University City/Spruce Hill section of Philadelphia, Next LVL contains 281 units that rent primarily to medical students, graduate students, and young professionals. Completed in 2021, Next LVL contains 47% studio units, 46% one-bedroom units, 7% two-bedroom/two-bath units, and three- bedroom/two-bath units. This unit mix caters to medical students, graduate students, and young professionals versus other new construction apartments in the area that cater to undergraduate students with three-bedroom/three-bath units. In addition, this Class A apartment building offers in-unit washer/dryer, luxury flooring, stainless steel appliances, quartz countertops, recessed lighting, and custom built-in storage. The community also offers a fabulous green roof with spectacular views that includes a roof-top dog run as well as a large fitness center, gaming/community rooms, parking garage, bike storage, and a secure package delivery room. Broker: David Jarvis Size: 306 Units
Greysteel Greens of Hickory Trail Dallas, Texas
GREA Mid-Atlantic (formerly Rittenhouse Realty Advisors) Syracuse NY Campus Hill Portfolio
Benchmark Construction Co. Caron Treatment Center, The Keele Center, Delray Beach, FL
Type of project: Multifamily Sale and Financing Size: 305,727 SF Greens of Hickory Trail is a well-maintained asset with significant revenue upside now that the LURA restrictions completely burnt off in November 2021 after a three-year decontrol period. New ownership plans to continue the value- add program that was implemented by the previous owner as well as make some additional enhancements to the units that have recently been upgraded. Built in 2000, Greens of Hickory Trail is a 250-unit multifamily property located at 8613 Old Hickory Trail, Dallas, Texas. The property consists of all two and three-bed options varying from two-story town- homes to single-level ranch-style floor plans averaging 1,200 SF and is in the heart of the Dallas-Fort Worth Metroplex, the economic powerhouse and cultural hub of North Texas. Size:
Type of project: Student Housing Portfolio Sale Size: 267 Units GREA sold a 267 Unit/715 Bed student housing student housing portfolio near Syracuse University. The property consists of 267 units totaling 715 beds across 51 separate buildings. The units are all fully furnished. An affiliate of Champion Real Estate Co., a family office out of Los Angeles, purchased the property with plans to complete upgrades to finishes and fixtures across the portfolio. Syracuse University is a respected institution with over thirty research institutes and a great enrollment growth trajectory. This portfolio provides student housing options with close proximity to campus as well as Greek life.
Type of project: Addiction & Behavioral Healthcare Size: 100,000 SF The new four-story, 40-bed state-of-the-art addiction, and behavioral healthcare facility significantly expands Caron’s services in Florida. The facility offers medical detox unit, a residential Older Adult program, and an expanded level of care in its residential treatment program. The wellness center offers physical therapy services, a fitness center, a salon, an outdoor pool, and a leisure area. The center also houses a new research center to continue its advancement in addiction medicine.
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