WHITEHALL, PA., AND RUNNEMEDE, N.J. — Gebroe-Hammer Associates has brokered the sale of a two-property multifamily portfolio in Whitehall and Runnemede. Joseph Brecher, David Jarvis and Adam Zweibel of Gebroe-Hammer represented the seller and buyer, a private investor, in the deal.
Orchard Drive Associates sold Orchard Drive Apartments, located at 1239 Washington St. in Whitehall, for $18.2 million. The buyer was a private investor. The community features 264 one- and two-bedroom units ranging from 782 square feet to 1,013 square feet.
TNJ Properties acquired Presidential Courts from Presidential Associates LP for $15.5 million. Located in Runnemede, Presidential Courts features 268 garden-style apartments in a mix of one- and two-bedroom layouts.
The sellers of the properties are part of the same umbrella organization, however each property operated under separate entities. The buyers of the properties are also under the same umbrella organization, but operated under separate entities.