Gebroe-Hammer Associates announced Thursday it has finalized the $56 million sale of an apartment complex in Atlantic Highlands.
The complex, Thousand Oaks Village, is comprised of 20 two-story buildings and 304 garden-style units. It has 196 one-bedroom, 48 two-bedroom and 60 three-bedroom apartments.
Ken Uranowitz, president of Gebroe-Hammer, and Joseph Brecher, executive managing director, represented the seller, Thousand Oaks LLC, and the buyer, KRE Group, in the deal.
“The seller recognized the market conditions were right to sell Thousand Oaks Village, a highly visible, well-maintained Class B multifamily asset in close proximity to regional employment hubs and upscale residential/commercial/retail centers,” Uranowitz said
“Thousand Oaks stood out for its ideal location, high occupancy rates, enduring rent potential and numerous market-unique features, including the high concentration of townhome-style units,” Brecher said. “The buyer plans to continue with and expand upon the in-place capital improvements in order to reposition the property.”