SOUTH NEW JERSEY/PHILADELPHIA, PA — In the Metro Philadelphia apartment submarket, where the vacancy rate remains below the Northeast average, Gebroe-Hammer Associates has arranged three multi-family sales, including the $32.1 million trade of Woodland Village, located at 401 E. Gibbsboro Rd., in Lindenwold, NJ. The brokerage team of senior vice president Eli Rosen and sales associate Eli Herskowitz represented the seller and procured the buyer in the Camden West submarket sale.
“At just 4.1%, the Greater Philadelphia vacancy rate is considered ‘typical’ by local standards at the peak of a construction boom highly concentrated within Center City,” said Rosen, who has been instrumental in expanding Gebroe-Hammer’s investment brokerage presence within the region. “Because of Center City’s employer appeal and its connectivity to the outer suburbs, adjacent bedroom communities are expected to end the year on a high note, with submarkets like Camden West projected to finish with occupancy rates at 97+%.”
In Lindenwold, an emerging enclave for single millennials and established executives with families who favor the borough’s lower cost of living as compared to Philadelphia, Rosen and Herskowitz orchestrated the trade of Woodland Village on behalf of the seller, Odin Properties LLC, and procured the buyer, a private investor. Built in 1970, the 546-unit garden-style community features a mix of one- and two-bedroom layouts ranging from 670 SF to 829 SF.