TOMS RIVER, NJ–A Gebroe-Hammer Associates team has orchestrated the $16.1-million sale of 110 units at the Dover Chase complex in Toms River, with the buyer finalizing a 1031 exchange tax deferral on the deal, GlobeSt.com has exclusively learned.
Joseph Brecher, Gebroe’s EVP, teamed with sales associate Steve Follman for the transaction in which Gebroe represented the seller and procured the buyer, a long-time client of the firm. Brecher tells GlobeSt.com that he predicts more Ocean County investment sale deals to come.
“Ocean County offers ideal demographics and a high concentration of new and existing multifamily product that, if it follows statewide trends as expected, will result in heightened investment trading activity in the coming 12 to 18 months,” Brecher says.
Neither party was identified in the Toms River trade. However, Brecher says that the seller also planned to qualify for a 1031 tax exchange by investing proceeds of the sale in the purchase of a distressed-asset property in another state
The Toms River complex was 95% occupied at the time of sale. “This class-A, amenity-filled garden complex is located just seven miles from the center of town and within minutes from local beaches, both of which contributed toward the per-unit price of approximately $146,000,” says Follman.
Toms River, the Ocean County seat, is one of the faster-growing regions in the state. It is accessible via the Garden State Parkway and US Route 9, and state and county routes, as well as bus lines and rail service to New York City from nearby Bay Head.
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