Middlesex/Monmouth County, N.J., July 11, 2018 – Central New Jersey’s record-low multi-family vacancy rates and modest construction boom continue to bode well for apartment-building investments, according to the brokerage professionals at Gebroe-Hammer Associates based in Livingston, N.J. The region has been the focus of recent multi-family sales totaling $20.32 million and 118 units throughout Perth Amboy, Bradley Beach, Eatontown and Neptune where Gebroe-Hammer exclusively represented each of the sellers and/or procured the buyers.
Within the East Middlesex submarket, the Gebroe-Hammer brokerage team arranged the $5.625 million trade of Spring Cove Apartments, a newly constructed 38-unit 55-and-over apartment-home community. Centrally located at 75 New Brunswick Ave., the four-story property features an array of amenities that appeal to today’s active empty nesters and retirees. The gated Spring Cove Apartments includes attractive community spaces such as a lounge and activity area, in-unit washers and dryers, oversized windows, modern eat-in-kitchens and ceramic-tile and plush-carpeted floors.
To the south in the Shore submarket, Gebroe-Hammer’s brokerage professionals also closed the $4.57 million sale of La Reine Arms, at 201 Lareine Ave., in Bradley Beach. Just one block from the borough’s popular oceanfront boardwalk, the five-story property features a mix of studio and one- and two-bedroom units ranging from 500 to 1,000 SF. La Reine Arms is situated less than a half mile from Bradley Beach Station, offering North Jersey Coast Line service.
In nearby Eatontown and Neptune, the firm also finalized the trades of Throckmartin Apartments, a 20-unit garden-style community at 73 Throckmorton Ave., and 248-250 Myrtle Ave., a quaint 22-unit complex with a mix of one and two bedroom layouts.
According to Reis, no competitive apartment stock is expected to be introduced to the Shore submarket between now and year end. As a result, the vacancy rate is expected to hover around 2.7% at the close of 2018 and 2.5% to finish 2019. Year-end 2018 asking rents are expected to advance 1.5% while effective rents will climb by 1.9%. On an annualized basis through 2019 and 2020, asking and effective rents are anticipated to rise by 2.2% and 2.0%, respectively.
Since 1975, Gebroe-Hammer’s brokerage activities have concentrated on suburban and urban high-rise and garden-apartment properties. The firm’s client base includes private owners, REITs, private equity firms and other institutional investors. While initially focusing on New Jersey, the firm has evolved during the past 43 years to also dominate the northeastern Pennsylvania and New York State submarkets as well as represent client interests nationally. In addition, Gebroe-Hammer markets mixed-use and free-standing office and retail properties. Widely recognized for its consistent sales performance, the firm is a 14-time CoStar Power Broker.