10A — January 11 - 24, 2013 — New Jersey — Mid Atlantic Real Estate Journal
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Brecher & Follman rep the buyer and seller Gebroe-Hammer arranges $16.55m multi-family sale
IVINGSTON, NJ — Monmouth County’s seashore locale, where Gebroe-Hammer Associ- ates recently finalized the $16.55 million sale of 172 units at Chesterfield Gar- dens in Freehold Township, remains a hotbed for multi- family trading activity. The brokerage team of Joseph Brecher , managing direc- tor, and Steven Follman , vice president, arranged the transaction between the buyer, The Solomon Orga- nization , and seller, Ches- terfield Associates LLC . The two-story garden apartment-style complex, located at 210 Harding Road, offers a mix of 146 one-bed- room and 26 two-bedroom units with parking and laun- dry facilities on the prem- ises. One-bedroom units offer about 870 s/f of living space, while two-bedroom units average around 1,050 s/f. The complex is conveniently situated near Jersey Shore beaches; major roadways in- cluding routes 9, 18 and 33; and bus lines and commuter trains to Newark and New York City. “With multi-family invest- L
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Township is home to the famed Freehold Raceway harness racing track, and an abundance of shopping and dining opportunities at the renowned Freehold Raceway Mall. Monmouth Battlefield State Park, Turkey Swamp Park and Michael J. Tighe Park also are located with- in the township, providing countless recreational oppor- tunities for residents. Legal counsel was provided by J. Scott Anderson, Esq. of Giordano, Halleran and Ciesla P.C. of Red Bank , NJ on behalf of the seller and Alan R. Hammer, Esq. of Brach Eichler LLC of Rose- land, NJ for the buyer. n
ment activity and favorable financing at historic levels, the buyer was able to pay an aggressive, in-place cap rate,” said Brecher. “They recog- nized the substantial upside of this property’s prime loca- tion and potential for renova- tions,” said Brecher. “This seamless transaction reinforces the demand for well-located assets through- out Monmouth County,” add- ed Follman. “Strong market fundamentals continue to fuel record-setting multi- family trades here among first-time and long-term in- vestors alike.” Located in southern Mon- mouth County, Freehold
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FOR LEASE 32,000 Square Foot Industrial Building
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