O wners , D evelopers & M anagers
Real Estate Journal — Section B
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ASTERN PA — The Kislak Company, Inc. announced the recent In Lancaster Brach Eichler, LLC reps. seller & Berkadia arranges Freddie Mac financing Holland of Kislak leads sale of 353 units totaling $42 million in Pennsylvania E growth potential amid low in- terest rates with an eye toward long-term holds.” Eastern Union and provided by Investors Bank . At the time of closing, the property was 100% occupied.
Belair Townhomes is a 208- unit luxury apartment complex on 32 acres. Mayfair Manor Apartments at Grandview is a 60-unit gar- den apartment complex located less than ten minutes from Belair Townhomes. The seller was represented by Alan Hammer, Esq. of Brach Eichler, LLC and the purchaser was represented by Jeffrey Leonard, Esq. of Cozen O’Connor . Freddie Mac financing was arranged by Berkadia . Auburn Station is an 85-unit loft-style apartment building. The seller was represented by Scott Lipson, Esq. of Norris, McLaughlin & Marcus, PA and the purchaser was repre- sented by Jason Weiss, Esq. Financing was arranged by
HI-LIGHTS O ctober 24 - N ovember 13, 2014 sale of three multifamily prop- erties in eastern Pennsylvania for a total of $41.173 million. The transactions include the $31.13 million combined sale of Belair Townhomes, a 208-unit property, and Mayfair Manor Apartments at Grandview, a 60-unit property, both in Lan- caster. Kislak also handled the $10.6 million separate sale of Auburn Station, an 85-unit loft-style property with land to build an additional 49 units
Hammer sold the 23-unit, all- studio apartment complex to the seller. Just off Elizabeth Avenue on a quiet residential street near the center of town, the building also is close to the Garden State Parkway and New Jersey Turnpike. In nearby Kearny, Gebroe-Ham- mer’s brokerage professionals orchestrated the $1.025 mil- lion trade of 12 units as well. Within Essex County’s ur- ban centers of Irvington and Newark, Managing Director David Oropeza recently closed two sales. In Irvington, he represented the seller and buyer in the $1.025 million trade of a 27 apartment-unit/ five commercial-unit build- ing at 30-32 Rutgers St. He, along with Debbie Pomerantz, vice president, also finalized the sale of 232-244 Shephard Ave. in Newark. The property is situated at the intersec- tion of Schyler and Shephard avenues, near Newark Beth Israel Medical Center and I-78. n “We are beginning to see some long-time owners decid- ing to sell their multifamily properties given the historically high prices the properties are commanding,” said Squires. “Buyers are jumping at op- portunities to own quality real estate in prime locations, re- gardless of current conditions or cash flows. These types of opportunities can be extremely lucrative for the long-term buy and hold strategy . n Long Branch, NJ — Kislak announced the recent $5.3 million sale of Fountain Gardens, a multifamily prop- erty with 46 residential units in Long Branch, Monmouth County, NJ. Vice president Jeff Squires represented both par- ties in the transaction.
Belair Townhomes
in Allentown. president and Robert Holland represented the sellers and purchasers, longtime Kislak clients, in both transactions. This was also the second time that Kislak sold the Lancaster properties.
“The central and eastern PA market is very hot for both buy- ers and sellers,” said Holland. “It was a good time for the sell- ers to sell given the premium pricing. It was also a good time for the buyers to buy given the
Gebroe-Hammer Associates arranges five trades for multi-family investments
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LIVINGSTON, NJ — As the fourth quarter kicks off, multi-family investments are gaining even greater traction, as indicated by five recent trades arranged by Livings- ton-based Gebroe-Hammer Associates . The firm’s mar- ket specialists exclusively represented the sellers and identified the buyers in each of the transactions, involving a total of 124 units. The proper- ties are located in Hasbrouck Heights, Elizabeth, Kearny, Irvington and Newark. In the high-barrier-to-entry market of Bergen County, Greg Pine, senior vice presi- dent, closed the $2.33 million sale of Virginia Gardens, located at 294-308 Terrace Ave. in Hasbrouck Heights. The single-building, 16-unit garden-apartment complex is comprised of 12 one-bedroom and four two-bedroom layouts. Fully occupied at the time of sale, Virginia Gardens is eight miles from the George Wash- ington Bridge and minutes
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294-308 Terrace Ave.
fromRoutes 80 and 17, as well as the Garden State Parkway and New Jersey Turnpike. “In an area where the aver- age annual household income exceeds the state average by $10,000, the buyer recognized the value-add potential for this property and the oppor- tunity to render it even more competitive in a market char- acterized by strong occupan- cies and rents,” said Pine. Ac- cording to Gebroe-Hammer’s brokerage professionals, aver-
age rents for the area range from approximately $1,100 for a one-bedroom and $1,400 for a two-bedroom. To the south of New Jersey’s northeastern-most county, Union, Hudson and Essex counties’ high concentration of apartment buildings has rendered it an axis of volumi- nous investment activity. Vice President Stephen Tragash arranged the $1.1 million sale of 55-59 Cherry St. in the City of Elizabeth. In 2004, Gebroe-
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