Gebroe-Hammer Assocs. orchestrates two sales totaling $4.9 million

Gebroe-Hammer Associates has orchestrated the sale of two multi-family properties in totaling 51 units that sold for $4.94 million. The Livingston, NJ-based firm's managing director Joseph Brecher and SVP Eli Rosen represented the sellers and procured the buyers in both transactions. In the larger of the two transactions, the 37-unit Edge Hill Court at 25 Old Lancaster Rd. traded for $4.05 million, equating to more than $109,400 per unit. Located in the heart of suburban Philadelphia's historical Main Line region, the property consists of three, three-story brick buildings with five studio, 27 one-bedroom and five two-bedroom apartments. St. Joseph's University and shopping and dining destinations are nearby. Units offer hardwood floors, screened porches, brick-enclosed patios, sun rooms and keyed entry doors with an intercom system. "Edge Hill Court provides a value-add opportunity resulting from upgraded kitchens and baths that have netted a premium in asking rents," said Brecher. In the second transaction, the 14-unit 41North Delaware Ave. in Yardley, Pa., has been sold for $890,000. Located on the Delaware River in Lower Bucks County, the property is close to SEPTA Regional Yardley station with service to Philadelphia, and provides easy access to I-95. It consists of 14 two-bedroom units, provides on-site parking and has on-premises laundry facilities. "Multi-family assets continue to provide one of the strongest commercial real estate investment opportunities in southeastern Pennsylvania," said Brecher. "Both of these offerings attracted a great deal of interest. With its location between New York and Washington, D.C., this bi-state Pennsylvania/New Jersey region continues to experience high tenant demand and occupancy rates, which is driving investor interest."