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."
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