Friday, June 20, 2014

Shore Area Multifamily Is Heating Up

As Monmouth County communities continue to recover from Superstorm Sandy which hit 20 months ago, multifamily investment sales are heating up along with the weather right now, brokers at Gebroe-Hammer Associates tell
The Livingston-based firm exclusively represented the sellers and secured buyers in two recent sales in Freehold and Asbury Park. G-H’s shore area market specialist Steven Follman, who was involved in both transactions, says investors are trolling for properties ripe for repositioning.
“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 Follman. “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 Freehold, Follman, Joseph Brecher and Elimelech Herskowitz orchestrated the $4.7 million trade of Monmouth Pines, a four-building garden-apartment complex with 40 one-bedroom units, which are fully occupied.
The complex is close to Freehold Raceway Mall and Monmouth Battlefield State Park and Point Pleasant Beach is 30 minutes away.
In Asbury Park, Follman arranged the $4.25 million sale of Grand Regency Condominiums, set two blocks from the beach and a block south of Deal Lake. The two-building complex in the northeast section of the city has nine studios, 31 one-bedroom and 10 two-bedroom units.
Allenhurst Train Station is less than a mile from the apartments.
“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, building an ever-strengthening renter pool.”

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