PINE HILL, NJ—The 484-unit Chalet Gardens apartment complex here has sold for more than $26 million in a deal arranged by brokerage firm Gebroe-Hammer Associates.
Gebroe Hammer, which has been involved in two previous sales deals involving the gated rental community, did not identify the buyer or the seller in its sales announcement.
The Gebroe-Hammer Associates brokerage team of Joseph Brecher, managing director, and Adam Zweibel, sales associate, exclusively represented the seller and identified the buyer in the trade of the 31.58-acre complex. The property, built in 1973, is comprised of 49 two-story buildings with 348 one-bedroom and 136 two-bedroom units.
“This geographic region, defined as the Greater Philadelphia MSA because of its high population density and close economic ties throughout the area, has been experiencing a combination of high occupancy rates and steady, moderate rent gains since the beginning of last year,” says Brecher. “The property, which is located next to the exclusive Trump National Golf Club, offered the buyer an ideal opportunity to take advantage of today's historically low interest rates and the availability of capital to finance multi-family assets.”
Chalet Gardens has undergone more than $3 million in capital improvements during the past 18 months that included newly renovated units and the installation of vinyl double-hung windows. The buyer plans to finalize the property's conversion to metered gas for each unit, according to Brecher. Gebroe-Hammer arranged two previous sales of Chalet Gardens, representing the sellers during the 1980s and 1990s.
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