Gebroe-Hammer Associates

Real Estate Weekly, March 7, 2001

Gebroe-Hammer Associates recently announced the sale of 455 apartment units in Atlantic City, Clementon, Lindenwold, and Moorestown, N.J. According to Mel Gebroe, a principal of the company, the deals totaled $14 mil lion.

Gebroe-Hammer senior vice president Joel Schwartz was involved in every phase of the Atlantic City transaction along with Mr. Oren. Located at 444 N. Richmond Ave., the six-building, 95-unit property is air-conditioned and offers tenants 100% on-site parking and a laundry room. The property is comprised of 36 one-bedroom and 59 two-bedroom apartments and is close to Route 40 and the Atlantic City Expressway.

Oren, Schwartz, and Scott Callahan worked on the sale of the eight-building, 148-unit apartment complex at 411 Gibbsboro Road in Lindenwold. The apartments are air-conditioned and have garbage disposal units, dishwashers, and full-size washer and dryers. The property is located near Routes 30 and 1-295, and the high-speed train to Philadelphia. Francis J. Pasquini, Esq. represented the seller, while Richard Kelin, Esq represented the buyer in the transaction.

Joel Schwartz and Mr. Oren handled the transaction at Pine Valley Court in Camden county. Comprised of six 2 1/2-story brick buildings, the property is located at 116 Blackwood Road in Clementon, near Routes 30 and 168. All 132 units have dishwashers, garbage disposal units, and air-conditioning. The garden apartment property has 86 one-bedroom and 46 two-bedroom apartments, plus an office layout.

Kenneth Uranowitz, Joel Schwartz, and David Jarvis, worked with Mr. Oren on the 80-unit Pleasant Valley apartment complex located at 500 Camden Ave. in Moorestown Burlington county. The team was instrumental in procuring the financing for the deal.