X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.