Philadelphia, PA — While the Philadelphia apartment market recorded the second highest number of multi-family units sold in the Northeast at the close of last quarter – ranking only behind New York City – Gebroe-Hammer Associates orchestrated one-third of the metro’s overall transactions during the same timeframe. The firm’s Greater Philadelphia market team of executive managing director Joseph Brecher, senior vice president Eli Rosen and sales associates Joseph Gehler and Eli Herskowitz represented the sellers and/or buyers in trades involving a total of 627 units, netting $104.98 million in sales.
The transactions, which spanned Philadelphia, Delaware, Montgomery and Burlington (NJ) counties, mostly involved apartment buildings primed for value-add repositioning. Each property is well-located within some of the metro’s most popular commuter- and transit-friendly neighborhoods.
“In terms of the Northeast, the Philadelphia Metro saw the second-highest volume of multi-family units sold to close out the latest quarter and ranked fourth overall in terms of transaction dollar volume,” said Rosen, an area market specialist whose focus has been the Philadelphia market for the past 14 years. “While Philadelphia edged out Boston and Northern New Jersey in terms of total units sold, the city led among the top four metros in terms of units-per-sale with an average of 154 per transaction.
”In addition to Gebroe-Hammer’s involvement in orchestrating the trade of over 400 units in Philadelphia’s University City section, the firm also arranged the sale of Colonial Gardens, located at 5427 Wayne Ave., in Germantown. The 71-unit, three-story property features a gated courtyard and is comprised of one- and two-bedroom layouts. Built in 1950, Colonial Gardens was last renovated in 1999 and the buyer plans to implement a complete renovation program in order to reposition the property.
Beyond Philadelphia proper, Gebroe-Hammer also arranged three separate transactions involving 58 units across Delaware and Montgomery counties. The brokerage team of Rosen and Gehler exclusively represented the seller and procured the buyer in the $2.86 million sale of 15 total units at Sycamore Court, 304 Old Lancaster Rd., in Merion Station, as well as the $2.35 million sale of The Oaks, a 21-unit apartment community located at 5 Chester Pike in Ridley Park. Gehler also recently orchestrated the $1.5 million sale of 22 units at 1238 Washington St., in Norristown.
Rounding out Gebroe-Hammer’s latest Philadelphia Metro transaction activity is a $5.375 million suburban bedroom-community sale involving 56 units at Pine Meadow Apartments. Located at 191 W. Hampton St., in Pemberton in New Jersey’s Burlington County, the garden-style community includes off-street parking, on-site laundry facilities and the convenience of a NJ Transit bus stop less than half a mile away.
The sale was arranged by the brokerage team of Brecher and Herskowitz, who represented the seller and procured the buyer.