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Gebroe-Hammer Closes $7M MF Sale

TUCKERTON, NJ-The three-story property in Southern New Jersey combines 51 existing units with 21 newly completed apartments.

By Alyson Grala | Updated on January 08, 2010

TUCKERTON, NJ-Gebroe-Hammer Associates has completed the $6.83-million sale of Harbor View Plaza Apartments, a 72-unit, three-story complex here. Sales associate Steven Follman represented the buyer, Harbor View Plaza Associates and, along with executive vice president Joseph Brecher, represented the seller, Milestone Properties.

Located at 334 E. Main St., the single-building brick complex includes a new 21-unit expansion. The existing 51 units were 100% occupied at the time of sale, with the marketing of the new units just underway. Tuckerton, which has a history of marine-related activities, is just 18 miles north of Atlantic City.

“This acquisition complements the buyer’s existing portfolio, which includes a nearby property,” says Follman, who assisted both the seller and buyer in navigating complicated certificate-of-occupancy issues related to the expansion. “The nearby property provides the new owner of Harbor View with an opportunity to enhance management efficiencies.”

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