Gebroe-Hammer Associates Reps Seller and Buyer in $15.5 Million Trade of Hamilton Court East in Bensalem, Pa.
Latest Transaction Follows Sale of 92 Units Nearby.
- Philadelphia, PA-NJ (1888PressRelease) May 19, 2011 - In a Philadelphia multi-family market characterized by stability, a scarcity of distress and aggressive pricing, Gebroe-Hammer Associates has closed the $15.5 million sale of 192 units at Hamilton Court East in Bensalem. Joseph Brecher, an executive vice president with the Livingston, N.J.-based firm, represented the seller, 3455 East Real Estate Trust, and procured the buyer, a private investor and long-time Gebroe-Hammer client.
This latest transaction follows Brecher's recent $7.4-million sale of 92 units at Park Avenue Apartments, located near Hamilton Court East, at 1900 Park Ave. The suburban township borders the northeast section of Philadelphia.
"The Philadelphia economy continues to stabilize, positively affecting the surrounding apartment investment market," said Brecher. "Citywide, and throughout the suburbs, occupancy rates are approximately 95 percent, resulting in heightened competition for well-occupied multi-family properties. There have been an increased number of trades in the garden apartment as well as mid-to-hi-rise asset category in recent months."
Situated at 3455 East Street in Bensalem, Hamilton Court East features 140 one-bedroom and 52 two-bedroom units. Constructed in 1972 and located near the Pennsylvania Turnpike, as well as Route 1 and I-95, the 15-building complex has undergone upgrades to its kitchens and baths, windows, roofs, HVAC units and parking areas in recent years. Apartment amenities include kitchens with granite countertops, stainless steel appliances and maple cabinets; wall-to-wall carpeting; and designer lighting. The community also includes an in-ground pool for tenant use.
In the Park Avenue Apartments transaction, Brecher once again represented the seller and procured the buyer. Conveniently located near I-95, I-25 and public transportation, the complex has recently undergone upgrades to all kitchens and bathrooms and balconies have been redone.
According to Gebroe-Hammer Associates, average rents for the area are $985 and $1,145 for one- and two-bedroom units, respectively.
"Like many metro centers, Philadelphia's work-in-progress recovery has strengthened the tenant pool. Multi-family investments are on solid footing and there are very few distressed properties that have come, or are expected to come, to market. Conditions, from rent appreciation to property pricing, are expected to remain dynamic over the course of the next few years," said Ken Uranowitz, managing director.
Established in 1975, Gebroe-Hammer Associates specializes in multi-family, retail and office property investment sales. With a concentration on suburban and urban high-rise, mid-rise and garden-apartment properties, the firm also markets mixed-use and free-standing office and retail properties throughout New Jersey, New York and Pennsylvania.
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