NEW JERSEY—Gebroe-Hammer Associates, based in Livingston, N.J., has represented the seller and identified the buyer for the disposition of Chestnut Hill Tower, a 228-unit high-rise located at 7600 Stenton Ave. in Philadelphia.
The firm’s investmentteam of Joseph Brecher, executive vice president, and Eli Rosen, senior vice president, exclusively represented the seller, an out-of-state private owner, and identified the buyer, a long-time Gebroe-Hammer client, in the sale.
“The multifamily housing industry in Philadelphia has continued to steadily improve, even in the face of the economic downturn,” said Brecher. “We have experienced growing demand from local owners, as well as investors from outside the region, all of whom recognize the long-termpotential in apartment buildings city-wide.”
Situated on 5.31 acres in the Chestnut Hill neighborhood, the 18-story building includes 12 ground-floor retail units. Its residential component is comprised of a mix of studio, one-, two- and three-bedroom layouts with renovated kitchens and upgrades. On-site amenities include two pools, two tennis courts, a gym, community rooms, covered and non-covered parking, a 24-hour front desk and upgraded elevators.
Rents at Chestnut Hill Tower start at approximately $750 for studios and $1,500 for a three-bedroom unit.