Philadelphia's Urban and Suburban Multi-Family Market Demonstrates Stability in Recessionary Environment
Gebroe-Hammer Associates Closes 209 Total Units for $10 Million in Past 5 Months.
- Philadelphia, PA-NJ (1888PressRelease) December 01, 2010 - Throughout the Philadelphia metropolitan area, multi-family properties have proven their stability in a recessionary environment by emerging as the only healthy segment of the commercial and residential real estate markets, according to Gebroe-Hammer Associates. The brokerage firm recently closed two separate transactions involving a total of 209 units for $10 million within the city.
The well-maintained properties included Grant Gardens, a 149-unit mid-rise building in Philadelphia's northeast neighborhood of Bustleton, and the 60-unit, two-building Oak Lynne Apartments in the city's East Oak Lane section. Area specialists Joseph Brecher, executive vice president, and Eli Rosen, senior vice president, represented the sellers and buyers in the Grant Gardens and Oak Lynne Apartments transactions, respectively.
"Because of Philadelphia's strategic location within the Northeast Corridor, sandwiched between New York and Washington, D.C., which are among the strongest multi-family investment and rental markets in the nation, the city and its suburbs are experiencing high levels of demand among tenants and investors," said Brecher, who noted each of the newly sold buildings is readily accessible to I-95 and the Pennsylvania Turnpike and local roadways, as well as commuter rail and bus lines.
Rosen added, "Since rental growth prospects for the next five years push multi-family investments ahead of office, retail and industrial buildings, and there is a short supply of for-sale multi-family properties, the market has become far more competitive."
Gebroe-Hammer reports the Philadelphia market reflects the same trend in cities throughout the entire northeast. "At the end of last year, some key trades paved the way for the investment volume we are now seeing," said Brecher. "Owners and investors came to the realization that prices were not plunging, as forecasted, and community and regional banks demonstrated - and continue to demonstrate - a willingness to finance apartment buildings, allowing investors to take advantage of historically low interest rates."
Among these late-2009 deals was the sale of Marshall Woods in Norristown, Pa., sold for $17.25 million by Gebroe-Hammer Associates. Located at 450 Forrest Ave. in picturesque Montgomery County, the 305-unit property boasts a mix of one- and two-bedroom units and an abundance of amenities, such as an in-ground swimming pool, ample on-site parking, professional landscaping, a fitness room and clubhouse.
Based in Livingston, N.J., Gebroe-Hammer is the region's dominant commercial real estate investment brokerage firm specializing in the sale of multi-family, retail and commercial properties throughout Pennsylvania, New Jersey and New York. With a concentration on suburban and urban high-rise, mid-rise and garden-apartment properties, the company also markets mixed-use and free-standing office and retail properties.
Gebroe-Hammer Associates has earned the CoStar PowerBroker designation for the past seven years and has been acknowledged by numerous industry publications for its creativity in structuring traditional and complex transactions, including those that involve government agencies.
###
space
space
Satisfied Users & 
Approved Press Releases
Print
Email
Report Spam