LIVINGSTON, NJ–In two separate transactions, more than 1,000 apartment units have changed hands in South Jersey, with the deals adding up to $52 million, GlobeSt.com has learned. Brokers from the locally based Gebroe-Hammer Associates arranged both deals. The sales involved a two-property package in Lindenwold and Haddonfield, and a residential complex with a retail component in Lakewood.
The two-property deal, totaling $26 million was orchestrated by G-H's Joseph Brecher, Barry Mermelstein and Steven Follman, representing both the buyer and seller. Both sides are investment groups described as "long-time Gebroe-Hammer clients." On the legal side, the buyer was represented by Richard Kelin of Raiss, Kelin & Booker, West Orange,NJ, and the seller was represented by Simon Gluck of New York City.
The two properties involved include Coachman Manor, a 30-building, two-story garden complex totaling 546 units on East Gibbsboro Road. in Lindenwold, a Philadelphia suburb. The second property is the Village at Haddonfield, a 32-building, two-story garden complex of 324 units in Haddonfield.
Brecher and Follman worked the $26 million Lakewood transaction, which involved the newly constructed Washington Square Apartments. The property consists of two, four-story buildings totaling 144 units plus 20,000 sf of retail on eight acres. The seller was identified only as a local developer, the buyer as an investment group. Kelin again provided legal representation for the buyer, while the seller was represented by Kenneth Gleidman of Lichter Gleidman Offenkrantz of New York City.
"The Lakewood complex involved new construction and had a very low occupancy because it was still being finished," Brecher tells GlobeSt.com. "This factor made it much more challenging to sell."
Since the complex was still partly under construction with low occupancy, the sale also required bridge financing, which could be converted to permanent financing when occupancy reaches a certain level, Brecher says. "We worked with the seller to coordinate details of the financing, and also helped the buyer create a vision on how the building would operate when fully occupied."
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