SPRING LAKE HEIGHTS, NJ–The Jersey shore hasn’t lost it, say brokers from Gebroe-Hammer Associates who have just arranged the $10.55 million sale of an apartment complex in Spring Lake Heights.
No matter how hard Hurricane Sandy beat up the area, the intrinsic value of multi-family properties close to the beach continues to appeal to investors in Monmouth County, G-H executives tell GlobeSt.com.
“Monmouth County offers ideal demographics and has emerged as one of the most desirable places in New Jersey to live and work,” said Steve Follman, G-H’s area market specialist.
He and Ken Uranowitz, president of the company, represented the seller of Heights Manor in Spring Lake Heights. A private REIT had held the 79-unit garden-apartment complex at 1911 Greve Ave. since the 1960s, when it was built, Follman said.
“Here, and statewide, many long-term owners are now coming to market, as they realize the window is closing on favorable capital gains treatment, and investors are taking advantage of sub four percent interest rates to finance their acquisitions,” Follman added.
Heights Manor, a complex of ten two-story buildings, is located a mile from Spring Lake’s beaches, with easy access to Routes I-95, 71,195, 35, 34 and the Garden State Parkway.
The property includes a mix of one- and two-bedroom duplex-style units, each with a terrace or patio; a newly renovated in-ground pool; and it is adjacent to a large park with a playground, golf course, and soccer and baseball fields. Rents average $995 to $1,095.
“This is a very desirable location that will continue attracting renters who value the beach access, as well as public transportation, shopping, dining and entertainment,” said Follman.