Gebroe-Hammer arranges $32.1M sale of apartment property in South Jersey

By Emily Bader
Lindenwold | Jun 27, 2018 at 10:38 am

Gebroe-Hammer Associates announced Wednesday it has arranged three multifamily sales in South Jersey.

The brokerage team of Eli Rosen, senior vice president, and Eli Herskowitz, sales associate, represented the seller and procured the buyer in the sales.

“At just 4.1 percent, the Greater Philadelphia vacancy rate is considered ‘typical’ by local standards at the peak of a construction boom highly concentrated within Center City,” said Rosen. “Because of Center City’s employer appeal and its connectivity to the outer suburbs, adjacent bedroom communities are expected to end the year on a high note, with submarkets like Camden West projected to finish with occupancy rates at 97+ percent.”

In Lindenwold, Rosen and Herskowitz orchestrated the $32.1 million trade of Woodland Village on behalf of the seller, Odin Properties LLC. The pair also procured the buyer, a private investor. The property, located at 401 E. Gibbsboro Road, has 546 units featuring a mix of one- and two-bedroom units.

“The buyer was drawn to the property’s strategic southwest New Jersey location, just 17 miles from Philadelphia in the heart of this thriving, top-performing submarket,” said Herskowitz. “Value-add plans include a barbeque/picnic area and a children’s playground.”

Also, in Philadelphia, Rosen represented the seller and procured the buyer in the $3.1 million trade of 42 units at 6300 Magnolia St. and 6323 Carnation St. in the Germantown section of the city. He also closed the sale of two Delaware County properties comprised of 16 apartment units located at 1214 2nd St. in Eddystone, and 7-11 and 13-19 Upland Ave. in Upland.

Emily Bader | ebader@roi-nj.com | emilybader