68-Unit Apartment Trades for $8M

LONG BRANCH, NJ-Patten Point Shores, a 68-unit garden apartment complex, has been sold in an all-cash deal for nearly $7.8 million, which translates to $114,000 per unit. Consisting of 52 one-bedroom and 16 two-bedroom units, and located at 581 Patten Ave., the complex was 98% occupied at the time of sale.

The transaction was orchestrated by Alan Lieberman, a VP of Gebroe-Hammer Associates, Livingston, NJ, who specializes in the Monmouth County market. The seller was Patten Point Inc., a local group; the buyer was a private investment group not otherwise identified.

“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,” Lieberman says. “Buyers are looking to expand their portfolios in Monmouth County, and recognize the potential for rent appreciation associated with a well-maintained property.”

“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 buy a home, are fueling and stabilizing occupancy levels throughout the region,” says Gebroe-Hammer managing director Ken Uranowitz. “Part of the allure of the Jersey Shore is that renters have year-round seaside living and, as a result, the area is experiencing unprecedented investment demand for available multifamily properties.”