BENSALEM, PA-Hamilton Court East is being sold by its eponymous owner 3455 East Real Estate Trust to Orbach Group, under the auspices of its Hamilton Court East LLC, for $15.5 million. Joseph Brecher, executive vice president with Livingston, NJ-based Gebroe-Hammer, procured the seller and represented the buyer.
The 192-unit multifamily property at 3455 East Street here is broken into 140 single-bedroom units and 52 two-bedroom units. The apartment property is composed of 15, two-story buildings built in 1972, although it has been recently renovated in the wet rooms, roofs and HVAC units. Average rents range from $985 to $1,145.
The purchase was financed through New York Community Bank and the property sits at 90% occupancy. Gebroe-Hammer notes the reason for 3455 East Real Estate Trust’s divestiture was simply that it had been a long-term owner who was retiring from the business.
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