BRICK TOWNSHIP, NJ—Multifamily investment demand is a rising tide along the northern reaches of the Jersey Shore, where Gebroe-Hammer Associates recently arranged three separate transactions involving 142 apartment-rental units and a combined sale price of $15.1 million.
Sales associate Adam Zweibel represented the sellers and procured the buyers for the Ocean and Monmouth County properties, Riviera Lakefront Estates in Brick Township, Elmwood Gardens in Long Branch, and Minot Gardens in Asbury Park.
In the largest of the three sales, Zweibel exclusively represented the seller, Yannon 42, and procured the buyer, a private investment group, for the $8.7 million trade of Riviera Lakefront Estates. The 25-year owner converted the 104-unit rental property to condominiums years ago and retained ownership of 88 condos. The townhome community features a mix of one- and two-bedroom rental units with diverse floor plans as well as two-story townhouses with lake views.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.