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LIVINGSTON, NJ-In separate deals, brokers from locally based Gebroe-Hammer Associates have arranged the sale of two Monmouth County apartment complexes totaling 140 units with a combined sale value of $15.2 million. In the larger of the sales, the 100-unit Chestnut Court in Matawan has been sold by the New Jersey-based Solomon Org. for $11.1 million, or $111,000 per unit. The buyer was described as, “a long-time Gebroe-Hammer client.”

“The deal was conducted within a very short time frame,” says Joseph Brecher, G-H SVP, who teamed with area sales associate Steve Follman to arrange the sale. “The buyer is planning extensive renovations with regards to the grounds and exteriors. In addition, we were able to help the buyer realize the potential of increased income, since all the units have individual HVAC systems. It would be possible to separately meter each unit so that each tenant would be responsible for their own utilities.”

In the Matawan sale, which closed with 100% occupancy, the seller was represented by attorney Allen Popowitz of the Roseland-based Wolf Block Brach Eichler. The buyer was represented by attorney Steven Fleissig of Herrick, Feinstein in Newark.

In Asbury Park, Follman arranged the sale of 40 units at 702-704 Fifth Ave. for $4.1 million, or about $103,000 per unit. G-H had the exclusive on the property, representing seller LDF Management Inc. and procuring the buyer, an investor group represented by attorney Sanford Brown of Brown and Connelly of Ocean Township. Attorney Anthony Pagano of Novins, York, Pentony and Pagano of Toms River represented the seller.

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