Gebroe-Hammer Brokers Three Central/South Jersey Multifamily Deals

PALMYRA, PEMBERTON, AND EWING TOWNSHIP, NJ—Strong investor interest in multifamily properties has extended further south in New Jersey.

Gebroe-Hammer Associates has brokered three apartment-property trades totaling 172 units that sold for a combined $12.68 million. The garden apartment communities are located in Palmyra and Pemberton in Burlington County, and Ewing Township in Mercer County. Buyers and sellers for the properties were not disclosed.

Eli Herskowitz, Gebroe-Hammer sales representative, represented the seller and identified the buyer in the $4.45 million sale of 64 units at Palmyra Arms in Palmyra. Located at 50 W. Broad St., the three-building complex has remodeled one-bedroom layouts with eat-in-kitchens and new appliances, a master bathroom, air conditioning and controlled access.

"Fully occupied at the time of sale, Palmyra Arms is ideally positioned and situated within the Philadelphia metro area on the Delaware River, right across from Philadelphia," says Herskowitz, who is an area market specialist. "Historic in its own right, Palmyra is just 20 minutes from downtown Philadelphia and 40 minutes from Trenton by car, bus and commuter rail, which is a priority to the region's strong commuter tenant base."

In Pemberton, Herskowitz and managing director Joseph Brecher closed the $4.38 million trade of Pine Meadow Apartments on East Hampton Street. Situated near Route 206, I-295 and the New Jersey Turnpike, the 56-unit two-story complex is comprised of 24 one-bedroom/den and 32 two-bedroom units.

"The buyer plans to complete capital improvements undertaken by the seller in order to render the property more competitive in the current market," says Herskowitz, who notes that plans include remodeling the original kitchens. Among the recent complex-wide improvements are renovated decks and the installation of double thermal-pane windows.

Just to the north in Mercer County, the $3.85 million sale of Parkway Gardens was orchestrated by the brokerage team of Herskowitz and Ken Uranowitz, president, who exclusively represented the seller and procured the buyer. Featuring 52 newly renovated units at 695-701 Parkway Ave., the community is within the Outer Trenton/Ewing/Hamilton submarket in the Parkway Village neighborhood. It is close to shopping, the Riverline Light Rail and mass transit links as well as Routes I-295 and the New Jersey Turnpike.