73
HI-NELLA, N.J. — Gebroe-Hammer Associates has negotiated the 1031 exchange sale of Eagle Run Apartments, a 120-unit community located in Hi-Nella. The property was purchased for $5.1 million by an undisclosed buyer. The party had recently sold Brooklawn Apartments in nearby Brooklawn, N.J., and the purchase of Eagle Run will satisfy the second part of the exchange. The buyer will complete a capital improvements program to the property in the near term. Joel Schwartz of Gebroe-Hammer Associates represented the seller, Village of Hi-Nella LLC, in this deal and helped the buyer arrange its sale of Brooklawn Apartments.