14C — March 25 - April 14, 2016 — The Best of 2015 — M id A tlantic

Real Estate Journal


HFF - NJ Mid-Atlantic Garden Apt. Portfolio; NJ, PA & DE The LARGEST MULTIFAMILY SALES of 2015 HFF - Philadelphia 2116 Chestnut Philadelphia, PA Gebroe-Hammer Village Green Apartments Mt. Olive, NJ

Brokers: Joseph Brecher, Greg Pine, Stephen Tragash Size: 1,051,259 s/f/105+ Acres

Brokers: Jose Cruz, Kevin O’Hearn, Mike Oliver, Steve Simonelli Size: 2,811 Units 12-property apartment portfolio totaling 2,811 units located in New Jersey, Pennsylvania and Delaware. The well leased, garden-style communities offer a mix of one-, two- and three-bedroom units averag- ing approximately 800 s/f in size. Amenity packages vary by community but include fitness centers, swim- ming pools, tennis courts, playgrounds and dog parks. Several of the properties have undergone interior unit upgrades with proven rental premiums. Seven of the properties are located New Jersey; three in Pennsyl- vania; and two in Delaware. Village Green, a 1,172-unit garden-apartment com- plex, closed out 2015 as New Jersey’s largest multi- family sale. Gebroe-Hammer represented the seller, a private investment group, and procured the buyer, SDK Apartments. Comprised of 938 one-bedroom and 234 two-bedroom layouts, the property is a pil- lar among comparable communities statewide due to its distinct interiors; first-class, tenants-only lifestyle amenities, including a six-hole Par 3 golf course, sce- nic landscape and access to major employment centers in Parsippany, Morristown and NYC. Built in phases beginning in 1971, Village Green posed an extremely rare opportunity for the buyer to add this high-caliber apartment-rental asset within Northern New Jersey’s most desirable and highly affluent residential/com- mercial/industrial corridor to its portfolio. The buyer plans to implement modest capital improvements. The LARGEST MULTIFAMILY LEASE of 2015 Mark Thomson Broker: Mark Thomson Size: 321 Units 2116 Chestnut, is a 321-unit, 34-story, class A lux- ury residential tower in Center City Philadelphia. The sale represents the largest single multi-family sale in Philadelphia (and probably state of PA) in 2015. 2116 Chestnut set a new high water mark for Phila- delphia multi-housing, with the apartment compo- nent alone representing a price in excess of $470,000 per residential unit. It has become the transaction of focus to justify all of the subsequent multi-family developments in the Philadelphia pipeline moving forward. Developers have benchmarked their future assumptions on 2116 Chestnut’s rents psf, absorption schedule, price per unit, CAP rate, and buyer activity (number of offers, diversity of offers etc). Oakwood Village

The Kislak Company Plaza Gardens Fort Lee, NJ

Scott Davidovic

Andrew Scheinerman

Size: 66 Units Brokers: Andrew Scheinerman and Scott Davidovic

Plaza Gardens at 2151-2171 Center Ave. boasts large units with under market rents and on-site parking. The transaction included a 98-year ground lease and is representative of the strong Gold Coast rental market. The Bergen County location with proximity to New York City and the George Washington Bridge will enable the owner to increase the rents. Kislak represented both parties in the off-market transaction. Constructed in the 1950s, the property includes 66 apartments in eight two-story brick buildings with on- site parking, garages, and separate utilities. At the time of lease execution, the property was fully occupied.

Made with FlippingBook - Online magazine maker