14A — March 29 - April 11, 2013 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com O WNERS , D EVELOPERS & M ANAGERS Netting a total of $8.65 million Gebroe-Hammer orchestrates three Phila. multifamily trades
You Are Invited To Participate In in THE MID ATLANTIC REAL ESTATE JOURNAL !!! Spring Preview Shopping Center’s Las Vegas Recon ICSC Convention Building Exteriors Spotlight April 26 issue deadline April 12 If you would like to submit articles or please contact your account representative or: Linda Christman 800-584-1062 x 203 or email Linda at: lchristman@marejournal.com
P
HILADELPHIA, PA — Multi-family prop- erties continue their
reign as one of the healthiest commercial real estate invest- ments in Philadelphia and its surrounding submarkets, according to the brokerage pro- fessionals at Gebroe-Hammer Associates. The Livingston, NJ based firm’s market specialists recently arranged three sepa- rate transactions netting a total of $8.65 million. In the largest transaction, managing director Joseph Brecher and senior vice presi- dent Eli Rosen closed the $5.8 million sale of 96 garden- apartment units at Liberty Crossing, located at 3101 & 3201 Woodhaven Rd. Situated in the Northeastern section of Philadelphia, Liberty Crossing is comprised of six three-story buildings containing a mix of one and two-bedroom units ranging from 700 to 870 s/f. “Due to Philadelphia’s loca- tion between New York City and Washington, D.C., the city and its Pennsylvania/South
Liberty Crossing
Jersey suburbs are experienc- ing high levels of investor and tenant demand – both of which are feeding today’s competitive asking prices and fortified oc- cupancy rates, respectively,” said Brecher. Nearby, in the city’s West Mt. Airy neighborhood, mar- ket specialist Rosen also ar- ranged the $2.25 million sale of the mid-rise building known as Cresheim Valley Apart- ments, which sold for just un- der $100,000 per unit. Rosen also brokered the $735,000 trade of 42 two-bed-
room units at Aspen Village, located at 732-772 North 49th St., in the Mill Creek section of West Philadelphia near Univer- sity City. “The buyer plans to under- take a comprehensive renova- tion in order to reposition the asset and render it competitive with much of the new construc- tion that has been underway in the area,” said Rosen. “The entire Mill Creek section of the city has undergone an extensive transformation in recent years, making it a highly sought-after neighborhood for families.” ■ military, and in our approach of working with our partners to identify their challenges and create solutions,” said John Picerne , CEO of Corvias Group. “I have worked with Mike for the past seven years and have witnessed his deep understanding of our mission. I am confident that he is the best person to lead our military housing division as it continues to expand.” Steiner joined Corvias Group in 2006 as a program director handling the day-to-day opera- tional activities for 3,000 homes at Fort Meade. ■
FORTGEORGEG.MEADE, MD — Corvias Group, a pri- vately-ownedreal estate solu- tions group a nn o un c e d that Michael Steiner has been promot- ed to manag- ing director of the company’s military hous- ing division, Picerne Military Housing. Previously the executive vice president in charge of opera- tions at Fort Meade, Aberdeen Proving Ground, Fort Riley Steiner to lead Corvias Group’s Military Housing Division and Fort Bragg, Steiner is now responsible for overseeing the construction, property manage- ment and staffing operations of 24,000 units on all seven of Picerne’s military bases. As Picerne expands its portfolio and mission to serve the needs of single service members in addition to military families, Steiner will work directly with the military to ensure that the company continues to fit seam- lessly into the fabric of instal- lations and maintain a strong partnership with the military. “Corvias’ unique value is in our partnership with the Michael Steiner
ADVERTISE TODAY! CALL 800-584-1062
www.marejournal.com
Made with FlippingBook - Online Brochure Maker