Rising Tide of Demand for Apartment Investments at Jersey Shore

Riviera Lakefront Estates, Brick Township, NJ

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.