Two Asbury Park, N.J., Multi-Family REO Sales Arranged by Gebroe-Hammer Associates
Experienced Local Buyers Realize Upside Potential of 63 Total Units.
- Monmouth-Ocean, NJ (1888PressRelease) June 16, 2012 - Along New Jersey's central coast, multi-family investors are competing vigorously for any and all properties that come to market, including lender real-estate owned (REO) assets, according to Gebroe-Hammer Associates. In Asbury Park, the investment brokerage firm recently arranged two REO trades, involving a total of 63 units, as the exclusive representative of a prominent multi-billion dollar global investment fund. Gebroe-Hammer's brokerage team also identified and procured the two separate buyers.
At 1700 Webb St., the buyer acquired the well-located mid-rise building for $2.6 million. "This fully occupied property is strategically situated in Asbury Park's redevelopment zone, just one block from the beach and Deal Lake," said Steven Follman, sales associate and area market specialist. "The buyer is implementing a capital improvement program to render the 39 units more competitive."
Just across town, at 1239, 1251 and 1311 Washington Ave., Executive Vice President David Oropeza and Follman exclusively represented the seller and identified the buyer, who had previously owned the same complex. "This property has changed hands two or three times since the buyer disposed of it several years ago," said Follman. "The private investor seized the opportunity to re-acquire the property for a purchase price of $560,000, which is almost half of what he sold it for a few years ago." The 24-unit building features one-bedroom units and on-site parking.
"Once known as the 'Crown Jewel' of the Jersey Shore, Asbury Park is making a comeback - a fact that is not lost on today's veteran investors who have experience in repositioning properties," said Oropeza, who noted average rents in the city range from $750 to $1,100 for a one-bedroom, depending upon proximity to the waterfront.
"Because non-performing assets are sold at a discount in 'as-is, where is' condition, experienced investors often implement an effective, efficient property management program and/or rehabilitation initiative that allows them to enhance the long-term performance of the asset to ultimately realize a significant return on their initial investment." said Ken Uranowitz, managing director.
Legal counsel for the buyers was rendered by Carl Branciforte, Esq., of Cahill, Branciforte & Hoeblich of New Brunswick and Claudio M. Stanziola, Esq., of the Law Offices of Michael Rocchio, Jr., in West Long Branch, in the Webb Street and Washington Avenue transactions, respectively.
Established in 1975 by industry icons, Mel Gebroe and Morris Hammer, Livingston, N.J.-based Gebroe-Hammer Associates specializes in urban and suburban multi-family, retail and office property investment sales throughout New Jersey, New York, and Pennsylvania. Widely recognized for its consistent sales performance, the award-winning firm is an eight-time CoStar Power Broker.
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