The current strong appetite for distressed and below-market multi-family properties as value-add opportunities generated three recent sales handled by Gebroe-Hammer Associates in the Philadelphia metropolitan area, its brokers tell GlobeSt.com.
The three transactions amounted to a combined $30.5 million and involved 897 units located throughout the city and surrounding suburbs.
The brokerage team of Joseph Brecher and Eli Rosenrepresented both sides in the $15.9 million sale of Coachman Manor in Lindenwold, NJ. The buyer was local real estate investor Philip Balderston.
“This acquisition is a sound investment because of the opportunity to implement a renovation program that will render the complex even more competitive in today’s strong rental market,” says Rosen.
The 546-unit complex has one- and two-bedroom/one-bath and three-bedroom/two-bath layouts.
Coachman Manor is within minutes of a PATCO train station and offers easy access to the Atlantic City Expressway, NJ Turnpike and I-295. Center City Philadelphia is about 25 minutes away and Trenton, NJ, is about 50 minutes away.
In Bucks County, G-H represented a limited partnership led by Balderston in the $10.4 million acquisition of Edgely Estates, located in Levittown. The property is comprised of newly renovated studio, and one- and two-bedroom units in a courtyard-style complex located near the area’s major highways as well as a SEPTA line.
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