LAKEWOOD, N.J., July 1, 2014 – Lakewood Township’s reputation as a lively, academic community has made it one of the most in-demand multi-family investment markets in New Jersey as evidenced by two recent trades totaling $38.25 million arranged by Gebroe-Hammer Associates. Joseph Brecher, managing director, exclusively represented the sellers in the separate transactions involving The Crest at Washington Square and Shenandoah Village. The firm’s brokerage executive also identified the buyer for The Crest while Debbie Pomerantz, assistant vice president, procured the buyer of Shenandoah Village.
The Crest at Washington Square, which sold for $26 million, is a mid-rise elevator building located at 415 Cedar Bridge Rd. Constructed in 2006, the 144-unit building is comprised of a mix of one- and two-bedroom/one-bath and two- and three-bedroom/two-bath layouts. Each unit features kitchens with ceramic tile flooring, solid wood cabinets and granite countertops; washers and dryers; and decorative crown moldings throughout. Community amenities include a playground, exercise room, community room and professionally landscaped courtyards with park benches.
The sale also involved an adjoining two-story, 17,516-square-foot retail plaza/office building. The fully occupied ground-floor retail center includes a dry cleaner, grocery store, health food store, restaurant and pharmacy.
“Once considered a small, scenic township near the Jersey Shore, Lakewood has emerged as a hub for large and small businesses – home to the second largest industrial park in the state – as well as its parks, lakes and quaint Victorian downtown section,” said Brecher. “These characteristics are a draw for a strong tenant base as well as multi-family investors who recognize future property performance potential where there are growing employment, recreational and commerce opportunities in one convenient, central locale.”
Less than two miles away, on the north shore of Lake Shenandoah, the 72-unit Shenandoah Village sold for $12.25 million. Built in 2000, the well-maintained luxury apartment community garnered a price-per-unit of more than $173,000.
Located at 102 Susan Drive, just off Ocean Avenue/Route 88, Shenandoah Village’s mix of one- and two-bedroom units offer spacious floor plans, modern appliances, walk-in closets, hardwood flooring, central air conditioning, a washer and dryer and a balcony, deck or patio. On-site amenities range from an outdoor barbecue area and playground to 160 parking spaces.
“Lakewood is ranked within the top 10 most populous counties in New Jersey, which places it on the ‘Top 10’ list of multi-family investors,” said Pomerantz.
Lakewood is centrally located in Ocean County, N.J., with average area rents ranging from $1,200 for a one-bedroom unit to $1,400 for a two-bedroom unit, according to Gebroe-Hammer Associates. The 24-square-mile township has 18 public parks, a nature preserve, three golf courses, two country clubs and three institutions of higher learning, including Georgian Court University. Like many Jersey Shore communities, Lakewood offers easy access to several county routes, including Route 9. It also has two exchanges off the Garden State Parkway.