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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.

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