2B — July 28 - August 10, 2017 — Owners, Developers & Managers — M id A tlantic Real Estate Journal



O wners , D evelopers & M anagers 4,000+ units sold inMiddlesex Cty., NJ during past 24 months Gebroe-Hammer Associates surpasses $700M in sales P

Final Cleaning

Janitorial Services

lainsboro Twp., NJ — Gebroe-Ham- mer Associates has surpassed the 4,000+ unit multi-family sales milestone for Middlesex County during the past 24 months, with the $73.3 million sale of Addi- son at Princeton Meadows in Plainsboro Township. Joseph Brecher , managing director, arranged the sale on behalf of the seller and procured the buyer, KREGroup with Oxford Realty Group, for the 439-unit garden-apartment complex lo- cated at 2821 Pheasant Hollow Dr. in the township. This is the second transac- tion arranged by Brecher and Gebroe-Hammer within the township on behalf of the same buyer. In February, 2016, KRE and Oxford acquired 288 units at Deer Creek Apartments, located nearby at 305 Deer Creek Dr. Built in 1981, Addison at Princeton Meadows features a mix of one- and two-bed- room units offering five differ- ent spacious layouts. Recent apartment-home updates have included new countertops, brushed nickel kitchen hard- ware and bath finishes, stain- less-steel GE Energy-Star ap- pliances and faux wide-plank flooring. Situated adjacent to Princeton Meadows Golf Course, on-site community amenities include an outdoor pool with sundeck, 24-hour fitness center, lighted tennis courts, basketball courts, a fenced-in bark park and exte- rior patios/balconies for each unit. Brecher leads the region for multi-family investment transaction pace, units sold and dollar value. He kicked off

Floor Care

Window Cleaning

Servicing the Janitorial Industry Since 1994 Contact Us Today for a Quote 973-562-0177 or Email: totalcleaning@optonline.net www.totalcleaningltd.com

Addison at Princeton Meadows

this latest run with the sale of Deer Creek Apartments. Since then, he has recorded some of the region’s most prominent multi-family transactions in Edison, Highland Park, Iselin, Monroe Township, Piscataway, South River and Woodbridge. During the past 24 months, Brecher has closed 13 transac- tions totaling over $700 million countywide. “Middlesex County has be- come one of the state’s newest high-barrier-to-entry invest- ment markets for apartment buildings in just the past two years or so,” said Brecher, who has spearheaded Gebroe- Hammer’s expansion initia- tives countywide and to the surrounding Central Jersey area. “As one of the highest- income counties in the United States and home to a high concentration of education, healthcare/pharmaceutical and Fortune-500 top employers, the region is favored by a highly educated tenant base of local and out-commuters to New York City.” Located at the midpoint between New York and Phila- delphia, Middlesex County is comprised of 25 unique-in-

character and historic commu- nities that are a mix of small municipalities, urban centers and rural towns. Known for its award-winning schools and highly educated and skilled workforce, it is one of the most affluent and “youngest” coun- ties in the nation. The U.S. Census reports an average household income of $99,836 (almost twice the national av- erage) and median age of just 36.9 years old for the county. “As the daytime and residen- tial population have increased, particularly post-recession, so has tenant demand for ameni- ty-filled apartment living near shopping, dining and transit. Many of these recently-sold, traditionally well-occupied apartment-rental communi- ties have been located in es- tablished boroughs and a good majority of them have been poised for value-add reposition- ing,” added Brecher. “Long- time owners are opting to sell now because they recognize the current low-interest-rate envi- ronment is ideal for marketing their somewhat outdated – by today’s standards – properties, which in turn garner premium purchase prices.” n


Capitol’s expert photographers will: 1. Take photos within 48 hours (weather permitting) 2. Provide bright, sharp, prints, within 5 working days or earlier 3. Insure the highest quality available Please call Mark Seeman at 732-494-6691 Quality Photos For Over 25 Years

SubScribe Today!

1 year — $99.00 2 years — $148.50

The Mid Atlantic Real Estate Journal is a monthly publication highlighting real estate transactions throughout the Mid Atlantic including : • New developments, ground breakings and reconstruction in the ODM (Owners, Managers & Contractors ) section • Mortgage and banking in our Financial Digest • Retail and new developments in Shopping Centers • Annual spotlights.

Subscribe at marejournal.com

Many References Available www.capitolaerials.com

Linda Christman, CEO/Publisher Mid Atlantic Real Estate Journal 350 Lincoln Street, Suite 1105 Hingham, MA 02043 P: 781-740-2900 | F: 781-740-2929

• Region specific news and spotlights in our Pennsylvania and New Jersey sections

Made with FlippingBook HTML5