16C — March 29 - April 11, 2013 — The Best of 2012 — Mid Atlantic Real Estate Journal www.marejournal.com The Largest Multifamily Unit sale of 2012 Cushman Wakefield-E Rutherford Echelon Glen Apartments Voorhees, NJ — 884 Units — Gebroe-Hammer Presidential City Apartments, Philadelphia, PA — 1,030 units — HFF Ravens Crest Plainsboro, NJ — 704 Units —
Presidential City Apartments
Echelon Glen Apartments
Ravens Crest
Brokers: Jose Cruz,Andrew Scandalios, Kevin O’Hearn and Jeffrey Julien Ravens Crest was one of the largest apartment transac- tions in New Jersey over the past two years. HFF mar- keted the asset on behalf of the seller, Equity Residen- tial, and Heitman, LLC purchased the property for $95 million. Ravens Crest is located at 3217 Ravenscrest Drive close to Interstate 95/The New Jersey Turnpike in central New Jersey. The 95% leased property features one- and two-bedroom units
Brokers: Joseph Brecher, Managing Director, & Eli Rosen, Senior Vice President Brecher and Rosen exclusively repped the seller, a NYC-based private investment company dissolving its Philadelphia portfolio, and identified the buyer, Post Brothers Apartments, for the aggressively priced prop- erty. As part of this off-market transaction, the seller retained a ground lease. Built in 1950, Presidential City Apartments features a mix of 1, 2 and 3 bedroom units and on-site amenities, such as a health and fitness and laundry centers in each building, outdoor pool, free parking and gatehouse entrance. The buyer plans to reposition the well-located four-tower complex in order to realize its full class A potential.
Brokers:AndrewMerin, David Bernhaut, Gary Gabriel, Brian Whitmer, Karen Iman Situated on 56.3 acres in Camden County, Echelon Glen is the largest apartment community in the Voorhees market area. Its 884 units include one studio, 300 one bedrooms, 455 two bedrooms, 108 three bedrooms, and 20 three-bedroom town- homes in four sections, each with its own architectural style. The location is one mile from a PATCO rail station, near the primary commuting corridors of I-295 and routes 30 and 73, and adjacent to the Voorhees Town Center. The community’s amenities include a central lake, a clubhouse renovated in 2011, swimming pool with sundeck, fitness center, business center and open space courtyards. Individual units feature central air conditioning and private patios/balconies.
Gebroe-Hammer Associates proudly congratulates Joseph Brecher and Eli Rosen for
“Largest Multi-Family Sale ” Presidential City Apartments, Philadelphia, PA and Joseph Brecher for #7 in Top 10 Brokers in Sales Category
Joseph Brecher
Eli Rosen
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