A rendering of an 80-unit apartment building at 1001 First Ave. in Asbury Park — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has acquired an approved multifamily development site in Asbury Park for more than $2 million, brokers with Marcus & Millichap announced Wednesday.
The 1.31-acre property, located at 1001 First Ave., is entitled for 80 apartments, two ground- floor retail spaces and 94 parking spaces, according to a news release. An undisclosed owner sold the vacant lot after more than 17 years, but only after investing to rezone the property to maximize density and design a building that will improve the area.
Marcus & Millichap’s Chez Eider, Fahri Ozturk and Richard D. Gatto represented both parties.
“The insatiable demand for multifamily investment properties and development sites continues to be more favorable to property owners in the suburbs, as multifamily continues to be the safest real estate investment class,” Eider said, “whereas development, in my opinion, is the highest level of a value-add investment.”
According to the brokerage team, the property received 22 offers from local and regional developers. The site ultimately traded for $2.175 million.
“Approved development sites across New Jersey continues to see substantial interest from local and regional developers especially with low inventory environment,” Ozturk said. “Even in today’s rapidly changing economic conditions, buyers and developers are not slowing down with their real estate acquisitions.”
Eider added that Asbury Park “has emerged as a vibrant location to live all year round,” as are other Jersey Shore destinations in Monmouth County. He added, however, that Asbury Park “has its own flare. It feels like the Hoboken of Central Jersey with the energy in the air.”
The property is near the city’s 56-acre waterfront redevelopment section and is less than a mile from the oceanfront, the news release said. Marcus cited a development pipeline in the area that comprises a reported 3,164 residential units and nearly 450,000 square feet of commercial space.
