Gebroe-Hammer Associates recently orchestrated two separate transactions involving the sale of 138 units for a total of more than $25 million, which included The Colony House (pictured) in Red Bank and Lloyd Manor in Long Branch.

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

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Release Date: October 3, 2008

GEBROE-HAMMER CLOSES TWO SALES INVOLVING 138 UNITS FOR A COMBINED TOTAL OF $25 MILLION
Long Branch and Red Bank Transactions Demonstrate Strength of Multi-Family Market

RED BANK, N.J., Oct. 3, 2008 – Multi-family housing has gained momentum as one of the most in-demand commercial real estate class investments in Monmouth County, according to Gebroe-Hammer Associates, the Livingston, N.J.-based firm specializing in multi-family brokerage services. The firm recently orchestrated two separate transactions involving the sale of 138 units for a total of more than $25 million in Long Branch and Red Bank, N.J.

The properties include Lloyd Manor, a 70-unit garden apartment complex in Long Branch, and Colony House, a 68-unit high-rise apartment building, in Red Bank. Gebroe-Hammer’s Steven Follman, area sales associate, represented the seller and buyer in both transactions.

“The appeal of year-round Jersey shore living, within a short commute to New York City and New Jersey’s leading employers, contributes toward strong occupancy rates for the area that surpass 97 percent,” noted Joseph Brecher, Gebroe-Hammer’s senior vice president. “As a result, multi-family housing investment interest and activity throughout Monmouth County is at an all-time high.”

Just four blocks from the beach in the prestigious West End district, Lloyd Manor’s two-story, 15-building complex features a total of 40 two- and 30 three-bedroom units. Planned upgrades to the 100 percent-occupied property at 376 West End Ave. include a new rental office and exterior landscaping. The seller, Lloyd Manor Associates, LLC, was represented by John Bonello, Esq., of Manna & Bonello in Long Branch, and the buyer, a New Jersey-based investment group, was represented by Bruce L. Safro, Esq., of Hackensack.

In nearby Red Bank, Colony House, which is located at 122 N. Riverside Ave. on the Navesink River, is comprised of a mix of 6 studio, 22 one-, 35 two- and 2 three-bedroom units as well as 3 penthouses. The seven-floor building features a brick façade and spacious layouts.

“This transaction is quite unique in that the seller, Colony Realty Associates, exercised the 1031 Exchange to acquire a larger property that reflects the entity’s current portfolio holdings,” explained Follman. Colony House was acquired by Park Ridge, LLC, an investment group with holdings in New York, New Jersey and Pennsylvania, from Colony Realty, a private investment group active throughout New Jersey and New York.

Just 24 miles south of Manhattan, Red Bank is located along the North Jersey Coast Line of NJ Transit, offering direct access to New York’s Penn Station and other employment centers throughout New Jersey. The area also is served by an expansive network of highways, including the Garden State Parkway, and local roadways. The community is a noted social and commercial destination due to its boutiques, designer retail shops, parks, restaurants and renowned Count Basie Theater.

Legal counsel for the Red Bank transaction was provided by Arnold D. Litt, Esq., of Herten, Burstein, Sheridan, Cevasco, Bottinelli, Litt & Harz, LLC., in Hackensack, N.J. and Morris Silberberg of Silberberg & Klein, LLP, in Howell, N.J., on behalf of the seller and buyer, respectively.

“Monmouth County and its seaside communities have emerged as one of the most desirable places in New Jersey in which to live, work and socialize,” explained Ken Uranowitz, Gebroe-Hammer’s managing director. “At a time when gasoline prices are at an all-time high and potential first-time homebuyers are riding out the housing storm, this area continues to attract apartment-renters who value access to mass transit and upscale shopping, dining and entertainment – all of which happen to attract the interest of multi-family housing investors as well.”

Gebroe-Hammer Associates is the region’s leading real estate investment brokerage firm specializing in the sale of multi-family, retail and commercial properties. In addition to its strong presence in New Jersey, Gebroe-Hammer is active throughout Pennsylvania, including Philadelphia, and New York. Clients include private owners, REITS, private equity firms and other institutional investors.

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