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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