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LONG BRANCH, NJ-Morgan Properties has put a portfolio of 228 apartments in four separate properties, all near the Atlantic Ocean in this city’s West End district, on the market for sale. The asking price for the entire package is $34.5 million, which factors out to just more than $151,000 per unit.

And the King of Prussia, PA-based Morgan has hired Gebroe-Hammer Associates, Livingston, NJ, to find a buyer for the properties. That firm’s Joseph Brecher, SVP, and sales associate Steven Follman are handling the assignment.

“For multifamily investments, Monmouth County is a hotbed of activity because of the long-term inherent value associated with owning property in a seaside community,” Brecher says. “The disposition of a 14-acre portfolio of this size is rare in today’s market, which is characterized by a lack of for-sale product in all class categories.”

The largest of the properties is the 92-unit Glen Ellen at 73 Cedar Ave. here. A tenth of a mile away is the four-building, 72-unit Edgewater Commons on Green Ave., and at 752 Ocean Ave. directly across from the beach is the 44-unit Ocean Terrace. The fourth property is the two-story, 20-unit Monmouth Beach Village at 108 S. Cookman Ave. on this city’s border with Monmouth Beach.

“Each of the properties offers value-add opportunities that could yield higher rents,” Brecher says.

“Long Branch is one of several towns on the Jersey Shore undergoing significant redevelopment, where there is a high demand for multifamily housing investments and apartment rental units,” says G-H managing director Ken Uranowitz. “This availability to buy more than 200 units at the water’s edge, a highly uncommon occurrence in today’s market, is attracting the interest of first-time and long-term investors alike.”

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