To emphasize his point, Brecher points to two apartmentcomplexes in the region, totaling 138 units--that have just tradedfor a combined $25 million, or more than $181,000 per unit. Bothdeals were orchestrated by area sales associate Steven Follman ofthe Livingston, NJ-based Gebroe-Hammer. Follman represented thebuyers and sellers in both transactions.

|

Colony House, a seven-story, 68-unit property at 122 N.Riverside Ave. here, is one of the two complexes that have changedhands. New York-based Colony Realty Associates sold it to ParkRidge LLC, an investment group with holdings in New York, NewJersey and Pennsylvania. Legal counsel was provided by Arnold D.Litt of the Herten, Burstein law firm and Hackensack, and MorrisSilberberg of Silberberg & Klein of Howell, NJ, for the sellerand buyer respectively.

|

"In this transaction, the seller used a 1031 Exchange to acquirea larger property that more reflects its current portfolio,"Follman says.

|

The second sale involves Lloyd Manor, a two-story, 15-building,70-unit complex at 376 West End Ave. in the West End section ofLong Branch. The property is four blocks from that city's Atlanticbeachfront. Seller Lloyd Manor Associates got legal representationfrom John Bonello of Manna & Bonello of Long Branch. The buyer,ID'd only as a New Jersey-based investment group, was representedon the legal end by Bruce Safro of Hackensack.

|

"These seaside communities have emerged as some of the mostdesirable places to live and work in New Jersey," saysGebroe-Hammer managing director Ken Uranowitz. "And with the highgas prices and potential first-time buyers riding out the housingstorm, this area is attracting apartment renters, which happens toattract the interest of multifamily housing investors as well."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.