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Two Apartment Complexes Sell for $25M

RED BANK, NJ-In separate deals, the two properties have changed hands for an average of more than $181,000 per unit.

By Eric Peterson | Updated on October 06, 2008

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.

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