Gebroe-Hammer Associates Arranges $7.25 Million Sale of Pewter Village in Camden County, NJ
Six-Building Property Has Historically High Occupancy Rates.
- Philadelphia, PA-NJ (1888PressRelease) January 26, 2012 - Gebroe-Hammer Associates has arranged the $7.25 million sale of Pewter Village, an 84-unit active-adult garden-apartment complex at 1058 Eldridge Ave. in Collingswood, N.J., announced Ken Uranowitz, managing director. Executive Vice Presidents Joel Schwartz and Joseph Brecher represented the seller, Pewter Realty LLC, and procured the buyer, a long-time Gebroe-Hammer client.
"This extremely well-maintained three-acre property has historically demonstrated a high occupancy rate thanks to its 55+ tenant base and strategic location near Collingswood's vibrant commercial district," said Schwartz.
Pewter Village's six two-story buildings are comprised of 64 one-bedroom and 20 two-bedroom units featuring gas fireplaces, washers/dryers, dishwashers and individually controlled climate controls. Originally constructed in the 1950s, the recently renovated complex abuts Newton Lake and offers easy access to the New Jersey and Pennsylvania turnpikes and Routes 295 and 130.
Located in suburban Camden County, Collingswood is 35 miles southwest of Trenton and seven miles east of Philadelphia. The borough's popular historic retail district boasts an array restaurants, cafés and boutiques as well as convenient access to mass transit.
"Metro Philadelphia's suburban multi-family investment market continues to become more and more attractive to investors thanks to an ever-strengthening tenant pool," said Brecher. "With occupancies consistently at the 95-percent rate, rents have appreciated, as has property pricing."
Legal counsel was provided by Carol Stern of McCarter & English, LLP of Newark, N.J., and Richard Kelin, Esq. of Feinstein Raiss Kelin & Booker LLC of West Orange, N.J., on behalf of the seller and buyer, respectively.
Established in 1975 by industry icons, Mel Gebroe and Morris Hammer, Gebroe-Hammer Associates specializes in urban and suburban multi-family, retail and office property investment sales throughout New Jersey, New York, and Pennsylvania. Widely recognized for its consistent sales performance, the award-winning firm is an eight-time CoStar Power Broker.
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