10B — August 11 - 24, 2017 — Central New Jersey — M id A tlAntic
Real Estate Journal
C entral n ew J ersey
0 Apartment 1 office units located along in-demand Rte. Corridor in %ricN, N- *ebroe-+ammer Associates orchestrates $10.1msaleofOlympicGardensmixed-use complex B APTS LLC.
RICk, NJ — Olym- pic Gardens, a highly coveted mixed-use as- set comprised of an 80-unit multi-family complex with an adjacent 14,336 s/f single-story office center along Rte. 88, has been sold for $10.1 million in a transaction arranged by *ebroe-+ammer Associ- ates , based in Livingston. Managing director Joseph Brecher spearheaded the bro- kerage team, which included Vice President Adam Zweibel, in exclusively representing the seller, Longwood Ave LLC, and securing the buyer, Brick
“Olympic Gardens is truly unique – rather than having apartment units over office space, it has two distinct, stand-alone property uses adjacent to one another. It is particularly rare for the Outer North Ocean County submarket, where the overall multi-family housing stock – and apartment-living options – barely exceeds 10 percent,” said Brecher, who noted the apartment units were 100% oc- cupied at the time of sale. “The area offers unlimited access to thriving local and regional employment centers that serve as a pipeline for Olympic Gar- dens’ historically stabilized occupancy rates.” Similarly, the well-occupied office complex has a profession- al tenant roster of physicians, chiropractors and counseling services. The apartment-rental complex, which has undergone recent upgrades that include new roofs and windows, is poised for value-add reposition- ing. Originally built in 1965, Olympic Gardens Apartments features all one-bedroom/one- bath residential units of 650 s/f. The complex also offers on-site laundry facilities and assigned parking. In addition, nearby mass transit and retail/dining op- tions add to Olympic Gar- dens’ lifestyle conveniences. NJ Transit bus service to Port Authority Bus Terminal, Phila- delphia and Newark is avail- able along local Rte.s. The Lakewood Bus Terminal also is less than four miles away and nearby roadways include Rtes. 70 and 35, CR 528 and 549 and the Garden State Parkway. “The neighborhood’s ten- ant base is drawn to Olympic Gardens’ high visibility loca- tion and superior lifestyle conveniences, all of which complement Brick Township’s reputation as a sought-after coastal bedroom community,” added Zweibel. Gebroe-Hammer is the lead- ing and most trusted multi- family investment sales bro- kerage firm in theNewJersey/ Eastern Pennsylvania/New York State region. In 2016, the firm closed more than 132 deals involving 12,117 total units sold for $1.83+ billion while concentrating on subur- ban and urban high-rise and garden-apartment properties throughout the Northeast and nationally. n
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