X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONG BRANCH, NJ-Even in a down market with little financing, smaller multifamily properties are getting sold. Sea West Manor, a 20-unit garden apartment complex, is netting $1.5 million in a sale to Sea West Apartments LLC.

Steven Follman–an area sales associate for Gebroe-Hammer Associates–represented both the buyer and the seller, Brott Realty. The firm recently advised Brott Realty to market Sea West Manor because the property no longer reflected the size or scope of other properties within its current portfolio, explains Follman. He recently sold another Long Branch property, Lloyd Manor Apartments, a 70-unit garden apartment complex, on behalf of the same seller.

Located just two blocks from the beach in Long Branch’s West End neighborhood, the building features a brick/stucco façade with 10 studio, eight one-bedroom and two two-bedroom units. The property was 95% occupied at the time of sale.

“The sale of Sea West Manor indicates a prevailing demand within Monmouth County for existing, smaller, well-maintained investment properties in this economy,” says Ken Uranowitz, Gebroe-Hammer’s managing director. “Conditions for the disposition and acquisition of these types of properties are favorable for sellers and buyers, many of whom are engaging in all-cash transactions. Financing also is readily available to buyers due to the low risk factor associated with this type of investment as compared to other real estate classes.”

The property offers direct highway access to the Garden State Parkway as well as access to New York City and northern New Jersey via New Jersey Transit trains running on the North Jersey Coast Line. The main train station is within walking distance of the complex. Legal counsel for the transaction was provided by John Bonello of Mann & Bonello in Long Branch for the seller, and Sanford Brown in Asbury Park for the buyer.

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
  • 1 free article* every 30 days across the ALM subscription network
  • 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 © 2021 ALM Media Properties, LLC. All Rights Reserved.