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Gebroe-Hammer Closes Eagle Run Apartment Sale

HI-NELLA, NJ-‘Due to a nonexistent pipeline of new multifamily construction, the competition for multifamily properties is fierce,’ Gebroe-Hammer’s Ken Uranowitz tells GlobeSt.com’s Alyson Grala.

By Alyson Grala | Updated on February 25, 2011

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.

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