315 8th Ave. in Asbury Park — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
Two multifamily properties in Asbury Park have changed hands for more than $9 million, one of three Jersey Shore-area deals arranged recently by Gebroe-Hammer Associates.
The brokerage announced the deals on Thursday, touting the heated competition among investors seeking opportunities in central Monmouth County. The Asbury Park deal, which involves a 74-unit portfolio spanning 315 8th Ave. and 510 5th Ave., set a new price-per-unit benchmark this year for Class B garden apartments in the city, totaling $125,000 per unit.
Sales Representative Adam Zweibel, who specializes in Monmouth and Ocean counties and Central New Jersey, brokered the deals for the Livingston-based firm. The other deals include the $8.675 million sale of 68 garden-style units in Long Branch, known as Patten Pointe Apartments, and a 23-unit sale of 106-110 4th Ave. in Bradley Beach.
Each of the properties is easily accessible via automobile or mass transit and near abundant retail, dining and recreational options, Gebroe-Hammer said in a news release. As such, would-be investors have been aggressive in their bidding.
“In addition to their prime downtown location near Asbury Park’s famed boardwalk, the properties attracted tremendous investor interest associated with value-add potential that can be achieved with the implementation of capital improvements,” Zweibel said in a prepared statement. “These enhancements, including but not limited to kitchen and bath renovations, appeal to today’s tenant base of individual professionals, families and retirees, who value the seaside locale and short, easy commute to major centers of employment and culture, including Midtown Manhattan, North Jersey, the Trenton/Princeton corridor and Philadelphia.”
Patten Point Apartments, located at 581 Patten Ave. drew similar interest. Zweibel collaborated with Managing Director Joseph Brecher to exclusively represent the seller and procure the buyer.
The newly renovated complex is minutes from the mixed-use Pier Village and is close to Monmouth Mall, Monmouth Racetrack, golf courses, parks and public transit, the news release said. The Garden State Parkway and routes 35 and 36 are less than five minutes away.
In the Bradley Beach trade, Zweibel exclusively represented the seller in the sale, which averaged a per-unit price of $108,695.
“With vacancy rates at their lowest level since Q3 2002 and asking rents on the rise, the Monmouth and Ocean county submarkets are showing no signs of slowing down, in terms of investor interest,” Zweibel said. “These trends are expected to extend on an annualized basis well into 2018.”