Camden, New Jersey – Our Commercial Real Estate news is on an apartment building transaction. This transaction was 1031 Exchange that included the Eagle Run Apartments in Hi-Nella, New Jersey. This Commercial Real Estate Development is in Hi-Nella, a Borough in Camden County, New Jersey. The Borough of Hi-Nella was created on April 23, 1929, from Clementon Township, one of seven municipalities created from the now-defunct township. Hi-Nella is also near the Philadelphia International Airport (PHL). The 1031 Exchange buyer was a long-time client of the Gebroe-Hammer commercial real estate firm. This Buyer is involved in a 1031 Exchange due to the recent sale of 54 units at Brooklawn Apartments.
This Commercial Real Estate development used in a 1031 Exchange is just minutes from Route 295 and the AC Expressway. The New Jersey Investment Property is situated in a pleasant residential neighborhood. Tenants leasing st this commercial real estate development will be tucked away in this Hi-Nella community. The Investment Property offers garden-style apartments which are cozy and convenient.
Brooklawn Apartments was the property that sold for this Investor to get started with a 1031 Exchange. Brooklawn Apartments is located in nearby Brooklawn, New Jersey. Gebroe-Hammer is the South Jersey commercial real estate market specialist who helped to put together this Hi-Nella deal together. This 1031 exchange replacement property purchase was to complete the 1031 exchange for the seller of the Brooklawn investment property. We do not have information on Commercial Loans on this commercial real estate development.
The Commercial Real Estate development, Eagle Run Apartments, is a 120-unit, apartment complex community that sold for $5.1 Million. This purchase price comes to approximately $42,500 per door. This 1031 Exchange replacement property was approximately 97% leased at the time of closing. Joel Schwartz is the executive vice president of Gebroe-Hammer Associates, and he was large part in putting this 1031 Exchange together. Village of Hi-Nella LLC was the seller was of this Commercial Real Estate development. Schwartz originally sold this apartment building community to the Village of Hi-Nella LLC in 2003. That 2003 commercial real estate transaction was part of a three-building investment property portfolio that was 623 units.
This Commercial Real Estate development is located at 150 E. Atlantic Avenue. The Eagle Run Apartments community has 15 sturdy, red brick buildings which are comprised of 96 one-bedroom and 24 two-bedroom units to lease. These New Jersey Units are approximately 657 square feet to 812 square feet of living space. This 1031 Exchange property features spacious floor plans and larger than normal closets, wall-to-wall carpeting, air conditioning and convenient on-site parking for Tenants leasing units. This Commercial Real Estate development also offers on-site laundry facilities for the tenants. This New Jersey Commercial Real Estate development is a well-landscaped apartment 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. This Commercial Real Estate development is also nearby Temple University in Philadelphia. Temple University has had some graduates who are excellent 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 this qualified 1031 Exchange replacement property. This Commercial Real Estate development, Eagle Run Apartments, was highly qualified for this investor’s 1031 Exchange replacement property needs. The Commercial Real Estate investor has plans to conduct an extensive renovation for this investment property. This seller, Village of Hi-Nella LLC, had stated a kitchen and bath remodeling project that will be completed by the 1031 Exchange Buyer.
Gebroe-Hammer Associates has been an industry leader for over 30 years. Gebroe-Hammer Associates is one of the tri-state region’s most influential commercial real estate brokerage firms. Gebroe-Hammer Associates specialize in this northeast region with multi-family apartments complexes, retail net lease properties and office property investments. This commercial real estate firm provides innovative brokerage services to various private investors, REITS (real estate investment trust), private equity firms and other institutional investors. This commercial real estate firm also works well with commercial properties in urban areas undergoing revitalization and commercial real estate redevelopment initiatives. This commercial real estate firm is heavily involved with mixed-use properties, free-standing office, retail properties and NNN Commercial Real Estate throughout New Jersey, New York and Pennsylvania.
Contact Net Lease Properties to purchase NNN Commercial Real Estate in these areas.
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