Gebroe-Hammer arranges $20.32M in Central Jersey multifamily sales

Livingston-based Gebroe-Hammer Associates announced Wednesday it has arranged $20.32 million worth of multifamily sales in Central Jersey.

Gebroe-Hammer said it exclusively represented the sellers and/or buyers in the sale of 118 units throughout Perth Amboy, Bradley Beach, Eatontown and Neptune.

“With over 177,000 apartment units, Central New Jersey is an extremely attractive metro thanks to its historically stabilized occupancy-rate track record – which is projected to exceed 97 percent through 2022 – and continued run of moderately rising rents,” said Adam Zweibel, vice president and the firm’s area market specialist.

In Perth Amboy, Debbie Pomerantz, senior vice president, and Zweibel arranged the $5.63 million trade of Spring Cove Apartments, a 38-unit adult apartment community. The four-story property is located at 75 New Brunswick Ave.

In the Shore submarket, Nicholas Nicolaou, senior vice president, and Zweibel closed the $4.57 million sale of Le Reine Arms in Bradley Beach. The five-story property is located at 201 Lareine Ave.

In Eatontown and Neptune, Zweibel finalized the trades of Throckmartin Apartments, a 20-unit community at 73 Throckmorton Ave., and the 22-unit complex at 248-250 Myrtle Ave, respectively.

“Each of these Monmouth County Class B properties is poised for value-add enhancements and are among the most attractive asset class for investors, particularly since they account for almost 64 percent of the Central Jersey metro’s total inventory,” Zweibel said.