Gebroe-Hammer Associates
2 West Northfield Road
Livingston, NJ 07039

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Release Date: April 11, 2008

GEBROE-HAMMER ASSOCIATES NEGOTIATES $7.75 MILLION ALL-CASH SALE OF PATTEN POINT SHORES IN LONG BRANCH, N.J.
Dominant Multi-Family Investment Brokerage Firm Has Several Deals in Progress throughout Central and Southern New Jersey

LONG BRANCH, N.J., April 11, 2008 – As evidence of the consistent strength of the multi-family housing investment market, Gebroe-Hammer Associates recently negotiated the $7.75 million all-cash sale of Patten Point Shores, a 68-unit garden apartment complex in Long Branch, N.J. Gebroe-Hammer’s Alan Lieberman, vice president, and Steven Follman, area sales associate, who specializes in the Monmouth County market, represented the seller, Patten Point Inc., in the transaction.

“The all-cash financing and record pricing of Patten Point Shores demonstrates Monmouth County’s strong investment demand for an extremely limited supply of existing for-sale apartment buildings,” noted Lieberman.

Located at 581 Patten Ave. in Long Branch, the six building complex features an all-brick façade and a mix of 52 one-bedroom and 16 two-bedroom units of 650 and 900 square feet, respectively. Each apartment features an outdoor balcony or patio, air conditioning, cable access, a mix of hardwood and carpeted flooring and ceiling fan fixtures. Some units offer waterfront views overlooking Manhasset Creek leading to the Shrewsbury River. Boasting a 98 percent occupancy level, Patten Point Shores is in excellent condition.

According to Lieberman, the property’s great Jersey Shore location and proximity to mass transit, including NJ Transit rail service, as well as Route 36 and the Garden State Parkway contribute toward its appeal. “Buyers are seeking to expand their portfolios in Monmouth County and recognize the potential for rent appreciation associated with such a well-maintained property,” he said. Gebroe-Hammer reports that average rental rates for the area range from approximately $1,000 for a one-bedroom unit to $1,200 for a two-bedroom apartment.

 “The return of first-time homeowners to the apartment-rental pool as a result of the subprime mortgage fall-out, coupled with the apprehension of those apartment-dwellers who had been planning to purchase a home, are fueling and stabilizing occupancy levels throughout the region,” noted Ken Uranowitz, Gebroe-Hammer’s managing director. “Part of the allure of the Jersey Shore is that renters enjoy year-round seaside living and, as a result, the area is experiencing unprecedented investment demand for available multi-family properties.

Established in 1975, Gebroe-Hammer specializes in the sale of multi-family, retail, and commercial investment properties. The firm maintains a strong presence throughout New York, New Jersey and Pennsylvania by providing innovative brokerage services to a wide range of private owners, REITS, private equity firms and other institutional investors in market and off-market transactions.

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Gebroe-Hammer Associates
2 West Northfield Road, Suite 301
Livingston, NJ 07039
Phone: 973-994-4500
Fax: 973-994-9752