BALA CYNWYD, PA–Gebroe-Hammer Associates has managed the trade of two multi-family properties in southeastern Pennsylvania. The apartment buildings with a combined 51 units, sold for a total of $4.94 million, GlobeSt.com has exclusively learned.
The Livingston, N.J.-based commercial real estate firm's Joseph Brecher and Eli Rosen represented the sellers in both transactions.
“Multi-family assets continue to provide one of the strongest commercial real estate investment opportunities in southeastern Pennsylvania,” said Brecher. “Both of these offerings attracted a great deal of interest. With its location between New York and Washington, D.C., this bi-state Pennsylvania/New Jersey region continues to experience high tenant demand and occupancy rates, which is driving investor interest.”
In the Bala Cynwyd sale, the 37-unit Edge Hill Court complex at 25 Old Lancaster Rd. sold for $4.05 million, equating to $109,400 per unit. The three-building complex situated along the Main Line near St. Joseph's University has studio, one- and two-bedroom apartments. Units have hardwood floors, screened porches, brick-enclosed patios, sun rooms and an intercom system.
“Edge Hill Court provides a value-add opportunity resulting from upgraded kitchens and baths that have netted a premium in asking rents,” said Brecher.
A second transaction involved 41 North Delaware Ave. in Yardley, which has 14 units and sold for $890,000. Set on the Delaware River in Lower Bucks County, the property is close to SEPTA Regional Yardley station with service to Philadelphia, and I-95. All units are two-bedroom, with on-site parking.
Gebroe-Hammer Associates handles suburban and urban high-rise, mid-rise and garden-apartment properties throughout New Jersey, New York and Pennsylvania, including Philadelphia. The firm also markets mixed-use and free-standing office and retail properties.
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