Spring Cove Apartments at 75 New Brunswick Ave. in Perth Amboy — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
A newly built, 38-unit apartment building in Perth Amboy has sold for more than $5.6 million, in one of several recent transactions announced Wednesday by Gebroe-Hammer Associates.
The property, Spring Cove Apartments, is a four-story building located at 75 New Brunswick Ave. It is restricted to renters age 55 and over, offering spaces such as a lounge and activity area, in-unit washers and dryers and modern eat-in kitchens.
Gebroe-Hammer Executive Vice President David Jarvis and Vice President Adam Zweibel arranged the $5.625 million trade. The deal is among more than $20.3 million worth of transactions totaling 118-units that the firm has completed recently in central New Jersey.
“With over 177,000 apartment units, Central New Jersey is an extremely attractive metro thanks to its historically stabilized occupancy-rate track record — which is projected to exceed (97 percent) through 2022 — and continued run of moderately rising rents,” Zweibel said.
In Bradley Beach, Senior Vice President Nicholas Nicolaou and Zweibel closed the $4.57 million sale of La Reine Arms, a 38-unit property at 201 Lareine Ave. The brokerage team highlighted the five-story complex’s location one block from the boardwalk and less than a half-mile from the North Jersey Coast Line’s Bradley Beach station.
In nearby Eatontown and Neptune, Zweibel also finalized the trades of Throckmorton Apartments, a 20-unit garden-style community at 73 Throckmorton Ave., and 248-250 Myrtle Ave., a 22-unit complex with a mix of one- and two-bedroom layouts.
“Each of these Monmouth County Class B properties is poised for value-add enhancements and are among the most attractive asset class for investors, particularly since they account for almost (64 percent) of the Central Jersey metro’s total inventory,” Zweibel said.