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20-Unit Multifamily Sale Nets $2M

LONG BRANCH, NJ-Sea West Manor, a 20-unit garden apartment complex here, has sold for $1.5 million.

By Maria Wood | Updated on February 17, 2009

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.

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