LAKEWOOD, NJ–Two apartment buildings have changed hands in Lakewood Township for a total of $38.25 million, GlobeSt.com has EXCLUSIVELY learned from the broker, Gebroe-Hammer Associates.
Joseph Brecher represented the sellers of The Crest at Washington Square and Shenandoah Village in separate transactions. He found the buyer for The Crest, which has an adjacent retail/office building, who paid $26 million. Debbie Pomerantz procured the buyer for Shenandoah Village, which sold for $12.25 million. Neither buyer's identity was disclosed.
Brecher says Lakewood has long since outgrown its onetime image as a “small and scenic” community near the Jersey Shore. “Lakewood has emerged as a hub for large and small businesses – home to the second largest industrial park in the state – as well as its parks, lakes and quaint Victorian downtown section,” said Brecher.
Lakewood has all the components to draw a consistently strong tenant base, and investors are beginning to hone in on its future “property performance potential,” said the broker.
“Lakewood is ranked within the top 10 most populous counties in New Jersey, which
places it on the 'Top 10' list of multi-family investors,” said Pomerantz.
According to G-H, average rents in the Ocean County township are $1,200 for a one-bedroom unit and $1,400 for a two-bedroom.
The Crest, a 144-unit mid-rise elevator building at 415 Cedar Bridge Rd was built in 2006. The building has a mix of one- and two-bedroom units with one bath and two- and three-bedroom layouts with two baths. Each unit has washers and dryers. Community amenities include a playground, exercise room, community
room and landscaped courtyards with park benches.
The sale also involved an adjoining 17,516-square-foot retail plaza/office building. The ground-floor retail center is fully occupied by a dry cleaner, grocery
store, health food store, restaurant and pharmacy.
Shenandoah Village, which is set on the north shore of Lake Shenandoah, was built in 2000. The 72-unit luxury complex at 102 Susan Drive garnered a price-per-unit of more than $173,000.
The apartment community has a mix of one- and two-bedroom units with hardwood floors, walk-in closets, central air, washers and dryers; each has a balcony, deck or patio. On-site amenities include a barbecue area, playground and parking.
Lakewood has 18 public parks, a nature preserve, three golf courses, two country clubs and three institutions of higher learning, including Georgian Court University. The community has two exchanges off the Garden State Parkway and has access to several county routes.
G-H is based in Livingston and is active throughout northern and central New Jersey as well as Pennsylvania and New York. The firm specializes in suburban and urban high-rise, mid-rise and garden-apartment properties. It also markets mixed-use and free-standing office and retail properties on behalf of long-term clients.
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