HI-NELLA, NJ-Gebroe-Hammer Associates has closed a $5.1-million 1031-exchange sale of Eagle Run Apartments on behalf of the owner, Village of Hi-Nella LLC, to an unnamed buyer, a longtime Gebroe-Hammer client, GlobeSt.com has learned exclusively.
Eagle Run is a 120-unit garden apartment complex that is 98% occupied. The other component in the exchange was the sale of 54 units at Brooklawn Apartments, also in New Jersey. The Hi-Nella transaction completed the back end of the exchange on behalf of the seller of the Brooklawn property.
“At the time of closing for Brooklawn Apartments last September, the seller was in immediate need of a replacement property to utilize the sale proceeds for an exchange,” says Joel Schwartz, executive vice president of Livingston, NJ-based Gebroe-Hammer. “It became evident that Eagle Run Apartments was consistent with this investor’s acquisition and property repositioning strategy.” Schwartz originally sold Eagle Run to the Village of Hi-Nella in 2003. “The buyer plans to implement an extensive renovation project that includes completing a kitchen and bath remodeling initiative undertaken by the seller.”
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