Camden, New Jersey – We have 1031 Exchange news today on an apartment building transaction. This 1031 Exchange included the Eagle Run Apartments in Hi-Nella, New Jersey. Hi-Nella is approximately 19 miles west of the Philadelphia International Airport (PHL). The 1031 Exchange buyer is a long-time Gebroe-Hammer client. This Buyer is involved in a 1031 Exchange with the recent sale of 54 units at Brooklawn Apartments. The 1031 Exchange property, Brooklawn Apartments is located in nearby Brooklawn, New Jersey. Gebroe-Hammer, the South Jersey commercial real estate market specialist put together this Hi-Nella deal to complete the back end of the 1031 exchange for the seller of the Brooklawn investment property.
The 1031 Exchange property, Eagle Run Apartments, is a 120-unit, garden apartment complex has sold for $5.1 Million. This 1031 Exchange replacement property was approximately 97% leased at the time of sale. Joel Schwartz is the executive vice president of Gebroe-Hammer Associates, helped the seller of this 1031 Exchange property. The seller was Village of Hi-Nella LLC. Schwartz originally sold this apartment building complex to Village of Hi-Nella LLC in 2003, as part of a three-building investment property portfolio involving 623 units.
This 1031 Exchange property is located at 150 E. Atlantic Avenue. The Eagle Run Apartments community has 15 all-brick buildings which are comprised of 96 one-bedroom and 24 two-bedroom units. These New Jersey Units are approximately 655 and 811 square feet. This 1031 Exchange property features spacious floor plans and large closet space, wall-to-wall carpeting, comfortable air conditioning and on-site parking. This 1031 Exchange property offers laundry services for the tenants leasing units. This New Jersey 1031 Exchange property is a well-landscaped complex that is popular among students attending nearby colleges and universities.
This 1031 Exchange replacement property is nearby Camden Community College, Rutgers University-Camden, Rowan University, and Gloucester County College. Also nearby Temple University in Philadelphia, a university that has had some very intelligent graduates and writers. One of the main employers for this region is Kennedy Memorial Hospital-University Medical Center in Stratford.
The long-time Gebroe-Hammer client had closed on the Brooklawn Apartments recently and was in immediate need of a 1031 Exchange replacement property. This 1031 Exchange replacement property, Eagle Run Apartments, was consistent with this investor’s property repositioning needs. The 1031 Exchange investor does plan to conduct an extensive renovation for this investment property. This 1031 Exchange replacement property will have kitchen and bath remodeling project completed, that project was started by Village of Hi-Nella LLC, the seller.
Joel Schwartz has extensive commercial real estate experience, being with Gebroe-Hammer since 1980. Joel Schwartz used his commercial real estate deal-structuring expertise to help this 1031 exchange transaction close in the required time period. Gebroe-Hammer Associates is an experienced and respected commercial real estate brokerage firm.
Gebroe-Hammer Associates specialize in this northeast region with multi-family apartments complexes, retail net lease properties and office property investments. Gebroe-Hammer Associates thrives with investment property with a concentration on suburban and urban high-rise, mid-rise and garden-apartment properties. This commercial real estate firm does market mixed-use properties and free-standing office and retail properties throughout New Jersey, New York and Pennsylvania.
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