NEW JERSEY—Livingston, N.J.-based Gebroe-Hammer Associates has arranged the $51 million sale of Presidential City Apartments, a 1,030-unit complex located at 3900 City Ave. in Philadelphia, Pa.
Joseph Brecher, managing director, and Eli Rosen, senior vice president, exclusively represented the seller, a New York City-based private investment company, and identified the buyer, Post Brothers Apartments.
“Boasting prominent frontage and name recognition, the well-located four-tower Presidential City Apartments is an ideal match for the new buyer, who plans to reposition the complex in order to realize its class A potential,” said Brecher. “Plans include a full-scale renovation to further enhance the property’s performance.”