ATLANTIC CITY, NJ-“We got some bad press with the hurricane,” says Atlantic County broker Jason Starkman. “I think it is important that people know Atlantic City was not nearly as damaged as people think it was in the storm.”
Multi-family property investors are still “flocking” to the city, Starkman tells GlobeSt.com. His Exhibit A: Starkman Realty Group has just completed sale of limited and general partnership interests in a 201-unit building situated a block from the Revel Resort & Casino.
Starkman, the president of the real estate group, says he has two more multi-family sales pending in the next six months.
“I do not usually try to get any notice of my deals,” says Starkman, “but right now, I just want to help get the word out that Atlantic City business is alive and kicking.”
Yesterday, the U.S. House of Representatives approved $50.7 billion storm recovery aid for New Jersey and New York, but it will be some time before the shoreline feels the impact.
Right now, Starkman says trades continue brisk here for apartment buildings that offer affordable rental rates. His recent transaction involved Vermont Plaza Apartments, which is located at 130 S. Vermont Ave., providing a natural workforce housing site for casino employees.
The 27-year-old tower was sold by its original owners, a partnership between Edison Investment Advisors and Sencit Properties to an unidentified buyer, who also owns an adjacent property called Metropolitan Plaza. The 14-story Vermont Plaza building has ocean views, an attached parking garage, newly renovated units and 24-hour security, Starkman says.
“Over the past three years the Atlantic County market has been very strong for multi-family housing,” Starkman adds, “and there has been no slack in that since the storm.”