Jones Lang LaSalle

Two Apartment Deals Add Up to More Than $45M
By Eric Peterson
Last updated: February 3, 2006 02:49pm

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LIVINGSTON, NJ-In two separate transactions, three apartment complexes totaling 560 units in Jersey City and Philadelphia sell for a number in excess of $45 million. The two deals were orchestrated by brokers from Gebroe-Hammer Associates, based here.

The Jersey City transaction involves two buildings with a total of 73 units that traded for more than $5 million. The assets include the four-story building at 192-200 Clinton Ave. and the five-story building at 22 Gifford Ave., both 100% occupied. Representing both the buyer and seller, who were not identified, were G-H EVP David Oropeza and area sales rep Elliot Schechter.
In Philadelphia, School Lane House Apartments, consisting of two 11-story buildings with 487 units and 13,384 sf of ground-floor retail on six acres in that city’s East Falls section, were sold for a number “in excess of $40 million,” according to G-H EVP Joel Schwartz. The latter orchestrated the all-cash transaction along with the firm’s SVP Joseph Brecher and area rep Eli Rosen. The trio repped the seller, who was not identified, and procured the buyer, SLH LP of Brooklyn, NY. G-H’s first two sales transactions of 2006 follow a year in which it orchestrated deals topping $725 million, according to the firm’s chairman and co-founder, Mel Gebroe.