Gebroe-Hammer Sells Four PA MF Transactions Worth $23.8M

by Steve Lubetkin, GlobeSt.com
Gebroe-Hammer Associates has completed four separate multi-family property sales in Philadelphia, Chester, and Wilkes-Barre, PA, totaling 486 units that sold for nearly $23.8 million.

The latest transactions cap off Gebroe-Hammer’s active investment brokerage activities throughout the Philadelphia/South Jersey multi-family market during the past 18 months. The firm’s market specialists have completed more than 22 sales with an aggregate value of almost $91 million involving more than 1,829 units throughout the Delaware Valley region.

In the largest of the recent sales, Gebroe-Hammer’s managing directors Joseph Brecher and David Oropeza exclusively represented the seller and identified the buyer of Sherman Hills, a garden-apartment complex in Wilkes-Barre. The 344 units were sold for $15.7 million as part of a Housing Assistance Payment (HAP)/Housing Urban Development (HUD) contract.

Constructed on 22.6 acres in 1979, Sherman Hills consists of eight two-story garden-style buildings and an eight-story high-rise building. There also is a three-unit, fully occupied commercial building anchored by Dollar Store on site.

“Sherman Hills is located near employment centers, the First Union Arena, I-81 and Route 309,” says Brecher. “Grocery stores, banks and elementary schools are all within a convenient walking distance, and Kings College and Wilkes University are within a three-mile radius. The location, along with the complex’s amenities, rendered this investment opportunity quite unique.”

Additional transactions included:

Fairfield Apartments, located at 7900-7922 Fairfield St. in Philadelphia, sold for $3.525 million in a transaction arranged by Brecher and Eli Rosen, senior vice president. The 64-unit, six-building low-rise complex is located in the northeastern part of the city, just off of Route 1 (East Roosevelt Boulevard) and Rhawn Street. In addition to on-site parking, there are laundry facilities on the premises.

Arborwood Duplexes in the Germantown/Mt. Airy section of Philadelphia sold for $2.375 million. Rosen represented the seller and identified the buyer of the 21-duplex community featuring 42 one-bedroom units, which include a garage and storage area. The Northwest Philadelphia property is off of Washington Lane, a major north/south artery in this area of the city.

Liberty Walk Apartments, a 36-unit property, sold for $2.175 million. Located at 500 E. 24th Street in Chester’s Sunnyside section, Liberty Walk is within minutes of Widener University and Swarthmore College, with access to both public transportation and greater Philadelphia’s main arterial highways. The four detached two-story buildings, consisting of eight one-bedroom and 28 two-bedroom units with semi-private entrances, recently underwent extensive interior and exterior renovations.

Other transactions include arranging the trades of Victoria Gardens, a 92-unit complex in Bristol Township for $4.45 million; the 36-unit Rose Court in Northwest Philadelphia’s West Mt. Airy section; 104 units sold for $4.3 million at Lindley Towers, in the Logan section of North Philadelphia; and Edgely Estates, a $10.35 million acquisition located in Levittown, Bucks County, PA.

"In addition to a historically strong renter pool, particularly in greater Philadelphia, eastern Pennsylvania continues to see an influx of recent college graduates from area universities who have decided to set down roots and become part of the workforce," says Brecher. "This trend, along with attractive pricing for multi-family product, has contributed toward the market’s growth, which is now reaching pre-recession levels."
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