Chestnut Hill Tower Changes Hands for $16.75 M; JV Announces Upscale Multifamily Project in Plymouth Meeting

By Veronica Grecu, Associate Editor Gebroe-Hammer Associates, a private real estate investment firm based in Livingston, NJ, has closed the sale of an 18-story residential building located at 7600 Stenton Avenue, in the upscale Chestnut Hill neighborhood. The seller, an undisclosed out-of-state private owner, and the buyer, a Gebroe-Hammer client who also remained unnamed, were [...]

Gebroe-Hammer Associates, a private real estate investment firm based in Livingston, NJ, has closed the sale of an 18-story residential building located at 7600 Stenton Avenue, in the upscale Chestnut Hill neighborhood. The seller, an undisclosed out-of-state private owner, and the buyer, a Gebroe-Hammer client who also remained unnamed, were jointly represented in the $16.75 million transaction by a brokerage team of Joseph Brecher, executive vice president, and Eli Rosen, senior vice president.

Located just one block from a SEPTA station, in a safe and attractive neighborhood surrounded by open spaces and park areas, Chestnut Hill Tower includes 228 luxury apartments and 12 street-level retail spaces. The residential building has a mix of studio, one-, two- and three-bedroom units. On-site amenities include two pools, two tennis courts, a gym, community rooms, covered and non-covered parking, a 24-hour front desk, upgraded elevators and more. Rents at Chestnut Hill Tower start from $750 for a studio and $1,500 for a three-bedroom unit, according to an official statement from Gebroe-Hammer Associates.

In further residential news, a $77 million multifamily project was announced by a joint venture between Brandywine Realty Trust and Toll Brothers on a 20-acre property in Plymouth Meeting, Pa. With a ground breaking set for mid-2013, the development will include 398 luxury apartment units, a 10,000-square-foot clubhouse, a fitness center, a dog park, a walking trail and a pool.

Designed to incorporate many sustainable features such as rain gardens, white roofs, electric car chargers and water saving fixtures, the project will encompass seven buildings at 134 Plymouth Road, near suburban Philadelphia’s largest employment base.

According to a recent Marcus & Millichap market report, although homeownership is more affordable than renting a luxury apartment in the Philadelphia-area, over 40% of the households do not meet the minimum qualifying threshold of $48,500 per year to get a mortgage, which translates into a strong demand for rental units.

Image courtesy of www.chestnuthilltower.com

Chart credits to Marcus & Millichap