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.
According to Zweibel, the seller is retiring and recognized the time was right to market the property, given the current multi-family investment environment. The acquisition is a value-add opportunity for the new buyer, who understands today's apartment-rental market plus the added bonus of selling individual units at competitive pricing versus single-family-detached-home pricing.
“Investors are plugged in to any and all activity or discussions related to prospective apartment community sales,” he says. “High-performing existing multi-family properties are on their watch list in a market where construction starts are spurring value-add opportunities for future rent growth in the very near future.”
In addition to Riviera Lakefront Estates, Zweibel also arranged the $3.76 million trade of 30 units at Elmwood Gardens and the $2.64 million sale of 24 units at Minot Gardens on behalf of an out-of-state family that owned the property for more than 45 years.
“As a seasoned, long-time multi-family investor who has been through many different economic cycles, the owner seized the chance to sell at a time when the market is commanding aggressive pricing,” says Zweibel, who noted both properties were fully occupied at the time of sale and have inherent potential for repositioning through capital improvements to bring them up to market-rate rents.
“As part of the New York, NY/Monmouth-Ocean, NJ, metro area, these three properties are easily accessible to an extensive highway and mass transit infrastructure that is ideal for the region's commuter tenant base,” he says. “Each appeals to a broad tenant base – from students at neighboring colleges to individuals and families – seeking walkability and proximity to all that the Jersey Shore has to offer year-round.”
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.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
