(RealShare New Jersey comes to the Hyatt Regency, New Brunswick, NJ, September 19.)
PHILADELPHIA–An investment team from Livingston, NJ-based Gebroe-Hammer has completed the $16.75 million sale of Chestnut Hill Tower, a 228-unit high-rise apartment building here. The 18-story luxury building set in the affluent Chestnut Hill neighborhood includes 12 ground-floor retail spaces.
The investment brokerage team of Joseph Brecher and Eli Rosen represented the seller, an out-of-state private owner, and found the buyer, a long-time Gebroe-Hammer client.
“The multi-family housing industry in Philadelphia has continued to steadily improve, even in the face of the economic downturn,” Brecher says. “We have experienced growing demand from local owners, as well as investors from outside the region, all of whom recognize the long-term investment potential in apartment buildings city-wide.”
Chestnut Hill Tower has a mix of studio, one-, two- and three-bedroom layouts, many with terraces – and the buyer has undertaken renovation of interiors. On-site amenities include two pools, two tennis courts, a gym, community rooms, covered and non-covered parking, and a 24-hour front desk.
Rents at Chestnut Hill Tower start at approximately $750 for studios and $1,500 for a three-bedroom unit.
Rosen called the surrounding neighborhood in northwest Philadelphia “one of the region's most beautiful and architecturally distinctive communities.” The building is located near the Chestnut Hill shopping district, and within walking distance of numerous retailers and service providers, restaurants, and educational and recreation opportunities.
The neighborhood has quick access to Route 309, I-76 and the Pennsylvania Turnpike. A SEPTA station is one block away.
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