Real Estate Journal — Owners, Developers & Managers — July 27 - August 9, 2018 — 23B
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M id A tlantic
O wners , D evelopers & M anagers Record-low vacancy rates and modest construction activity feed investment sales Gebroe-Hammer Associates arranges $20.32 million in Central Jersey multi-family sales
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Apartments, a 20-unit garden- style community at 73 Throck- morton Ave., and 248-250 Myrtle Ave., a quaint 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 enhance- ments and are among the most attractive asset class for inves- tors, particularly since they account for almost 64% of the Central Jersey metro’s total inventory,” added Zweibel. According to REIS, no com- petitive apartment stock is expected to be introduced to
the Shore submarket between now and year end. As a result, the vacancy rate is expected to hover around 2.7% at the close of 2018 and 2.5% to finish 2019. Year-end 2018 asking rents are expected to advance 1.5% while effective rents will climb by 1.9%. On an annual- ized basis through 2019 and 2020, asking and effective rents are anticipated to rise by 2.2% and 2.0%, respectively. Since 1975, Gebroe-Ham- mer’s brokerage activities have concentrated on suburban and urban high-rise and garden- apartment properties.
IDDLESEX/MON- MOUTH COUNTY, NJ — Central New
Jersey’s record-lowmulti-fam- ily vacancy rates and modest construction boom continue to bode well for apartment-build- ing investments, according to the brokerage professionals at Gebroe-Hammer Associ- ates based in Livingston, N.J. The region has been the focus of recent multi-family sales totaling $20.32 million and 118 units throughout Perth Amboy, Bradley Beach, Ea- tontown and Neptune where Gebroe-Hammer exclusively represented each of the sellers and/or procured the buyers. “With over 177,000 apart- ment units, Central New Jer- sey is an extremely attractive metro thanks to its histori- cally stabilized occupancy-rate track record – which is pro- jected to exceed 97% through 2022 – and continued run of moderately rising rents,” said AdamZweibel , vice president and the firm’s area market specialist. Within the East Middlesex submarket, senior vice presi- dent Debbie Pomerantz and Zweibel arranged the $5.625 million trade of Spring Cove Apartments, a newly con- structed 38-unit 55-and-over apartment-home community. Centrally located at 75 New Brunswick Ave., the four-story property features an array of amenities that appeal to today’s active empty nesters and retirees. The gated Spring Cove Apartments includes attractive community spaces such as a lounge and activ- ity area, in-unit washers and dryers, oversized windows, modern eat-in-kitchens and ceramic-tile and plush-carpet- ed floors. To the south in the Shore submarket, senior vice presi- dent Nicholas Nicolaou and Zweibel closed the $4.57 mil- lion sale of La Reine Arms, at 201 Lareine Ave., in Bradley Beach. Just one block from the borough’s popular oceanfront boardwalk, the five-story prop- erty features a mix of studio and one- and two-bedroom units ranging from 500 to 1,000 s/f. La Reine Arms is situated less than a half mile from Bradley Beach Station, offering North Jersey Coast Line service. In nearby Eatontown and Neptune, Zweibel also finalized the trades of Throckmartin
Spring Cove Apartments
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