Gebroe-Hammer Associates has been named the exclusive broker by Morgan Properties for the sale of a 228-unit multi-family apartment portfolio in Long Branch, N.J. The four properties, which include Glen Ellen Apartments (pictured), are being marketed for $34.5 million.

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

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Release Date: April 30, 2008

228-UNIT PORTFOLIO OF PRIME SHOREFRONT MULTI-FAMILY PROPERTIES COMES TO MARKET IN LONG BRANCH, N.J.
Four West End Properties Valued at $34.5 Million

LONG BRANCH, N.J., April 30, 2008 – Gebroe-Hammer Associates, the tri-state region’s leading multi-family investment brokerage firm, has been named by Morgan Properties as the exclusive broker for a residential apartment portfolio totaling 228 units in Long Branch, N.J. Located in the prestigious West End district within a five-mile radius, the four waterfront properties are being marketed for $34.5 million.

“In terms of multi-family housing investments, Monmouth County is a hotbed of activity because of the long-term inherent value associated with owning property in a seaside community,” said Joseph Brecher, Gebroe-Hammer’s senior vice president, who is marketing the portfolio along with Steven Follman, area sales associate. “The disposition of a well-maintained 14-acre portfolio of this size is rare in today’s market, which is characterized by a lack of for-sale product in all class categories.”

The largest complex, Glen Ellen, is located at 73 Cedar Ave. and features eight two-story brick-façade buildings comprised of 92 one- and two-bedroom units. Wall-to-wall carpeting, air conditioning, generous closet space, dining areas, and professionally landscaped grounds are among the amenities.

Just one-tenth of a mile away on Green Avenue is Edgewater Gardens. The four-building 72-unit complex includes 48 one-bedroom and 24 two-bedroom apartments. Each two-story building offers a private outdoor balcony/deck or patio and access to the nearby beachfront.  

Directly across from the beach, three-tenths of a mile away at 752 Ocean Ave., Ocean Terrace’s single-story design and one-bedroom units offer modern kitchens and baths and cathedral-height ceilings. The property features 44 apartments. Outdoor amenities include covered parking.

“Each of the properties offers an array of value-add opportunities that could yield higher rents,” added Brecher. Situated between Monmouth and Long Branch beaches is Monmouth Beach Village. The one-building, two-story property at 108 S. Cookman Ave. consists of 20 spacious units, 16 of which are one-bedroom and 4 are two-bedroom layouts. New cabinets, hardwood flooring, air conditioning and walk-in closets are featured in each cable-ready unit.

“Long Branch is one of several towns in the Jersey Shore region undergoing significant redevelopment where there is a high demand for multi-family housing investments as well as apartment rental units,” noted Ken Uranowitz, Gebroe-Hammer’s managing director. “The vast availability to buy more than 200 units at the water’s edge – a highly uncommon occurrence in today’s market – is attracting the interest of first-time and long-term investors alike.”

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.

Morgan Properties, which was founded in 1985, is an owner and operator of numerous apartment complexes with more than 31,000 units in Delaware, Indiana, Maryland, Nebraska, New Jersey, New York, Ohio, Pennsylvania, South Carolina and Virginia.

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