M ultifamily F eaturing POA E xpo

Real Estate Journal — Owners, Developers & Managers — March 27 - April 9, 2015 — 5B


M id A tlantic

Triarsi represents seller and Brecher procures buyer Gebroe-Hammer Associates arranges $17.15m sale of 126 units at Village Apartments in NJ


NION, NJ — Ge- broe-Hammer As- sociates has ar -

successes within Union and the eight surrounding Essex County municipalities as well as long-standing relationships with experienced investors.” She also noted Union’s pop- ulation boom during the last 10-year census period, as well as tremendous commercial development, including that being undertaken by Kean University, has enhanced investment interest in this suburban commuter hub. Built and owned by the same family since 1945, 1221 Magie Ave. is located in the heart of one of Union’s most sought-after residential neighborhoods. Village Apart- ments includes 32 two-story garden-apartment buildings near shopping, schools and mass transit. In addition to the 82 one-bedroom units and 44 two-bedroom units, the complex features 150 on-site parking spaces, 25 garages and laundry facilities. The

ranged the $17.15 million trade of Village Apartments, located at 1221 Magie Ave., in Union, NJ. Sales representa- tive Gehane Triarsi repre- sented the seller and manag- ing director Joseph Brecher procured the buyer in the sale of the 126-unit apartment community, which had been unsuccessfully marketed by several other brokerage firms during the course of the past two years. “The seller, an experienced, second-generation property owner, recognized that the property could garner ex- tremely competitive pricing if marketed by the right firm to the right buyer,” said Tri- arsi, the firm’s Union County market specialist. “For this reason, Gebroe-Hammer was awarded the exclusive list- ing, based on its county-wide BETHLEHEM, PA — Larken Associates contin- ues to build its Lehigh Valley apartment pportfolio with the acquisition of West End Vil- lage, a 62-unit apartment com- munity at 1306 West Lehigh St. in Bethlehem. Larken Associates has in- creased its Bethlehem portfolio to over 600 units at The Hills at Lehigh, The Meadows at Lehigh, Waters Edge, River Walk, East Hills Townhomes at Bethlehem and West End Village. West End Village consists of large one- and two-bedroom apartments adjacent to West Side Park, an ideal location for families. The Park has a swim- ming pool, tennis court, basket- ball court, racquetball wall and a playground for kids. Rents are between $730 and $930 per month and include water and trash pick-up, as well as use of the on-site laundry facilities. “Bethlehem has proven to be a magnet for residents looking to take advantage of the school

Village Apartments

the apartment complex and render it more competitive by continuing with a renova- tion program initiated by the seller. “During the past few years, the seller replaced all of the roofs, hot water heat- ers and boilers and installed

a new alarm system,” he said. Legal representation in the sale was provided by Robert Sochor, Esq. , of Elmwood Park and Richard Rubin, Esq. , of Baltimore, Md., on behalf of the seller and buyer, respectively. n

township is connected to an extensive network of ma- jor highways, including the Garden State Parkway, I-78, US Rte. 22 and State Rte. 82 (Morris Ave). According to Brecher, the new owner plans to reposition

Larken Associates acquires 62-unit West End Village in Lehigh Valley

HFF closes the $11.5m sale of a multi-housing community

West End Village

system, dining and entertain- ment, and universities that are all nearby,” said David Gardner , president and COO of Larken Associates. “All our properties have occupancy rates in the high 90 percent be- cause it draws residents from so many different demograph- ics looking to live and enjoy the diversity of the area.” West End Village is locat- ed close to Lehigh Univer- sity, Moravian College and St. Luke’s Hospital. It’s also

nearby to Bethlehem’s Historic Downtown offering cultural, shopping and dining options including Sands Casino, Po- cono Mountains, and Crossings Premium Outlets. West End Village is also situated near Lehigh Valley International Airport and St. Luke’s Hospital, and located along the Rte. 78/22 Corridor, with easy access to Rtes. 33 and 91, for those commuting to Allentown, Philadelphia or New York City. n

Crestwood Apartments

I-95, providing access to Center City Philadelphia, the Penn- sylvania Turnpike and New Jersey. The fifteen three-story buildings have 65 one-, 95 two- and five three-bedroom units with 240 parking spaces re- served for tenants and guests. The HFF investment sales team representing the seller was led by senior managing directors Mark Thomson and Zac Pierce . n

BENSALEM, PA — HFF announced that it has closed the $11.5 million sale of Crest- wood Apartments, a 165-unit, value-add, garden-style multi- housing community in Ben- salem. HFF marketed the property on behalf of the seller, 3241 ASSOCIATES LP. Crestwood Apartments is situated on 5.14 acres at 3241 Hulmeville Rd. The property is located between Rte. 1 and

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