Thousand Oaks Village in Atlantic Highlands — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
Kushner Real Estate Group has purchased a 304-unit apartment complex in Monmouth County, in a $56 million transaction announced Thursday by Gebroe-Hammer Associates.
The property, Thousand Oaks Village, is a 1980s-era, garden-style community in Atlantic Highlands that comes with the opportunity for value-add upgrades, Gebroe-Hammer said. For KRE Group, it is the latest among several suburban multifamily acquisitions since 2016.
Gebroe-Hammer President Ken Uranowitz and Executive Managing Director Joseph Brecher represented the seller and procured the buyer of the complex, which is just off Route 36.
“The seller recognized the market conditions were right to sell Thousand Oaks Village, a highly visible, well-maintained Class B multifamily asset in close proximity to regional employment hubs and upscale residential/commercial/retail centers,” Uranowitz said. He noted that 1980s-era properties within the submarket have the lowest vacancy rate and account for some 11 percent of the apartment inventory, based on age.
Located in the residential neighborhood of Navesink, Thousand Oaks Village includes 196 one-bedroom and 48 two-bedroom apartment layouts, along with 60 three-bedroom townhome-style units, according to a news release. The complex was built in 1981 and renovated in 1999, comprising 20 two-story buildings with private courtyard entrances.
Apartment and property amenities include private patios and balconies, controlled-access entry, updated kitchens, a swimming pool with sundeck, tennis courts, a playground and winding trails for hiking, biking and jogging, Gebroe-Hammer said. The complex also has on-site laundry facilities and paved surface parking with garage options.
“Thousand Oaks stood out for its ideal location, high occupancy rates, enduring rent potential and numerous market-unique features, including the high concentration of townhome-style units,” Brecher said. “The buyer plans to continue with and expand upon the in-place capital improvements in order to reposition the property.”
Gebroe-Hammer touted the appeal of Atlantic Highlands and the Bayshore regoin, which is located where the Atlantic Ocean and Raritan Bay meet at Sandy Hook and overlooks the Lower New York Bay. The borough also boasts proximity to the Highlands Terminal, which offers direct ferry service to Manhattan and bus and rail links at nearby Red Bank and Middletown.