BELMAR, NJ—In a $5.7 million garden-apartment sale arranged by Gebroe-Hammer Associates, the 30-unit Silver Lake Garden Apartments has established a new per-unit price benchmark for pre-1970s-era product within Central New Jersey's Shore submarket. The suburban seaside community is located at 104 Fifth Ave., at the easternmost point of Belmar and within the heart of one the state's highest barrier-to-entry geographic regions.

Gebroe-Hammer's Central and South Jersey market specialist, vice president Adam Zweibel, exclusively represented the original developer/owner, Anza Inc., and procured the buyer, a private investor who was not identified, for the circa-1966 low-rise complex. The sale garnered a $190,000 per-unit-price, a new high for apartment buildings constructed prior to 1970 in the Jersey Shore region.

“Given Silver Lake Gardens' historically stabilized occupancy rates and prominent beach-block location, just steps from the Belmar boardwalk and Atlantic Ocean, the property posed an extremely rare acquisition opportunity for the Jersey Shore,” says Zweibel. “The buyer pursued this well-maintained, newly updated complex because of its exceptional condition as well as the long-term upside potential associated with existing and projected enduring multi-family fundamentals.”