COLLINGSWOOD, NJ-Pewter Village, an 84-unit active-adult garden-apartment complex at 1058 Eldridge Ave. here, has been sold by Pewter Realty LLC to a private investor for $7.2 million, Gebroe-Hammer Associates tells GlobeSt.com exclusively.
Gebroe-Hammer represented the seller and procured the buyer, a long-time firm client, says Joseph Brecher, the Gebroe-Hammer executive vp who arranged the deal with Joel Schwartz, also an executive vp with the firm.
“The project was taken over [by Pewter Realty LLC] when all of the buildings were shells. It was totally vacant,” Brecher tells GlobeSt.com. The cap rate on the complex of one- and two-bedroom units was in the 6% range, he says.
With some assistance from the state, the developer completely rehabbed the facility. The six-building complex now is nearly fully occupied, a major plus when Gebroe-Hammer was trying to market Pewter Village.
“[Normally], any type of restriction is not a positive for an owner,” Brecher says. “But even though this was a 55-and-over facility, it did have a track record of high occupancy, and the appeal of a new property.”
Also appealing was the project’s location, near an historic retail district 35 miles southwest of Trenton and seven miles east of Philadelphia. “It’s a nice little community,” Brecher says.
Pewter Village is a rental facility, another plus during economic uncertainty. “People are getting older and need a place to live,” Brecher says. “With pensions and retirement savings depleted, people would rather rent.”
Legal counsel on the sale was provided by Carol Stern of McCarter & English LLP of Newark and Richard Kelin Esq. of Feinstein Raiss Kelin & Booker LLC of West Orange, NJ, on behalf of the seller and buyer, respectively.
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