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CHERRY HILL, NJ-A 1031-exhange deal arranged by Gebroe-Hammer netted $13.5 million for a 176-unit apartment complex here. EVPs Joseph Brecher and Joel Schwartz represented the seller, the Orbach Group, and procured the buyer, a long-time client of the firm.

Located at 801 Cooper Landing Rd., Cooper Landing Apartments features a mix of 69 one-bedroom, 102 two-bedroom and five three-bedroom units with balconies. On-site amenities include an outdoor pool and walking path. At the time of the sale, the two-building, seven-story complex was 96% occupied.

According Brecher, the seller wanted to undertake a 1031-exchange for another investment opportunity in New York City, and the buyer acted “very quickly” to facilitate a 45-day closing.

The community is situated just off of Route 38 and in close proximity to Route 70, Interstate 295 and the New Jersey Turnpike. The town of Cherry Hill is within a one-hour commute to Philadelphia, Camden, Trenton and Princeton and has rail service via the Atlantic City line.

Ken Uranowitz, Gebroe-Hammer’s managing director, says that well-located complexes like Cooper Landing Apartments “have remained very much in demand among multifamily housing investors and tenants despite the current economy.” Legal counsel was provided by Richard Kelin of West Orange and Morris Silberberg of Howell on behalf of the seller and buyer, respectively.

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