X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

RED BANK, NJ-”The appeal of Jersey shore living year-round, with a reasonable commute to New York and New Jersey businesses, is contributing to strong occupancy rates for the area, topping 97%,” Joseph Brecher, SVP of Gebroe-Hammer Associates, tells GlobeSt.com. “As a result, multifamily housing investment interest and activity throughout Monmouth County is at an all-time high.”

To emphasize his point, Brecher points to two apartment complexes in the region, totaling 138 units–that have just traded for a combined $25 million, or more than $181,000 per unit. Both deals were orchestrated by area sales associate Steven Follman of the Livingston, NJ-based Gebroe-Hammer. Follman represented the buyers 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 changed hands. New York-based Colony Realty Associates sold it to Park Ridge LLC, an investment group with holdings in New York, New Jersey and Pennsylvania. Legal counsel was provided by Arnold D. Litt of the Herten, Burstein law firm and Hackensack, and Morris Silberberg of Silberberg & Klein of Howell, NJ, for the seller and buyer respectively.

“In this transaction, the seller used a 1031 Exchange to acquire a 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 of Long Branch. The property is four blocks from that city’s Atlantic beachfront. Seller Lloyd Manor Associates got legal representation from John Bonello of Manna & Bonello of Long Branch. The buyer, ID’d only as a New Jersey-based investment group, was represented on the legal end by Bruce Safro of Hackensack.

“These seaside communities have emerged as some of the most desirable places to live and work in New Jersey,” says Gebroe-Hammer managing director Ken Uranowitz. “And with the high gas prices and potential first-time buyers riding out the housing storm, this area is attracting apartment renters, which happens to attract the interest of multifamily housing investors as well.”

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

Once you are an ALM digital member, you’ll receive:

  • 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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.