Gebroe-Hammer Associates Completes $8.95 Million in Monmouth County Multi-Family Sales
In the wake of on-going recovery from Superstorm Sandy, multi-family investments throughout Monmouth County's eclectic, historic boroughs and cities are heating up, according to the brokerage professionals at Gebroe-Hammer Associates. Most recently, the Livingston-based firm exclusively represented the sellers and identified the buyers in two separate sales involving Monmouth Pines in Freehold Borough and Grand Regency Condominiums in Asbury Park.
"Monmouth County's 27 miles of beaches and their surrounding communities continue to make a strong comeback, both in terms of the economy and post-superstorm revitalization," said Steven Follman, vice president, who is the firm's area market specialist and was involved in both transactions. "This re-emergence is drawing investors who recognize the ever-growing strength of the Jersey Shore region's multi-family market and have past experience in repositioning properties in order to render them more competitive in today's market."
In addition to Follman, Joseph Brecher, managing director, and Elimelech Herskowitz, sales associate, orchestrated the $4.7 million trade of Monmouth Pines, located at 8 Monmouth Ave., in Freehold. The four-building garden-apartment complex is comprised of 40 one-bedroom units, which were fully occupied at the time of sale. The property is in close proximity to the Garden State Parkway, NJ Turnpike and Routes 1 & 9. NJ Transit rail service, Freehold Raceway Mall and Monmouth Battlefield State Park are within a five minute driving distance and Point Pleasant Beach is 30 minutes away.
East of the county seat in Asbury Park, Follman also arranged the $4.25 million sale of Grand Regency Condominiums. The two-building complex is located at 315-410 8th Ave. in the northeast section of this waterfront city. All of the nine studio, 31 one-bedroom and 10 two-bedroom units feature full baths, open kitchens and spacious living areas.
The Grand Regency is just two blocks from the beach and one block south of Deal Lake. Commuters have access to the Allenhurst Train Station three-quarters of a mile away and the Garden State Parkway. The city, well-known for its famed boardwalk, Convention Center and popular music scene, is home to the Stone Pony and other music and entertainment venues.
"Monmouth County's culture, music, shopping, sports entertainment, historic sites and outdoor leisure areas are complemented by ease-of-access to New York City's job centers and 24/7 lifestyle offerings, via ferry," said Follman. "This makes it a year-round living destination for an ever strengthening renter pool."
In addition to its presence throughout Central New Jersey, Gebroe-Hammer Associates is active throughout the state as well as Pennsylvania, including Philadelphia, and New York. The Livingston, N.J.-based firm specializes in suburban and urban high-rise, mid-rise and garden-apartment properties. Gebroe-Hammer also markets mixed-use and free-standing office and retail properties on behalf of a wide range of long-term clients, including private owners, REITS, private equity firms and other institutional investors. Widely recognized for its consistent sales performance, the firm is a 10-time CoStar Power Broker.