NEW JERSEY—Dover Chase Apartments in Toms River has been sold for $16.1 million. The Gebroe-Hammer Associatesteam of Joseph Brecher, executive vice president, and Steven Follman, sales associate, brokered the sale and procured the buyer, a long-term client that finalized a 1031 Exchange with the acquisition.
Built in 2008, Dover Chase was 95 percent occupied at the time of sale. Features include a mix of one-, two- and three-bedroom layouts, spacious floor plans with nine-ft. ceilings, a washer and dryer in each unit, on-site parking, gourmet kitchens with granite countertops and stainless-steel appliances, tiled bathrooms, balcony/patios, air conditioning and walk-in closets. Most units also have attached garages with direct apartment access.
Toms River is one of the fastest growingin the State of New Jersey. As the county seat, the township is served by several major roadways, including the Garden State Parkway and U.S. Route 9, as well as Routes 35, 37, 70 and 166 and County Routes 527, 530, 549 and 571. N.J. Transit also provides five bus routes linking Newark/Jersey City, Manhattan and Atlantic City and rail service in nearby Bay Head.