NEW JERSEY—Gebroe-Hammer Associates has arranged two real estate-owned (REO) multifamily property trades in Asbury Park as the exclusive representative of a multi-billion-dollar investment fund. The properties, totaling 63 units, are located at 1700 Webb Street and 1239, 1251 and 1311 Washington Avenue.
At 1700 Webb Street, the buyer acquired the 39-unit, mid-rise building for $2.6 million. Located in Asbury Park’s redevelopment zone, 1700 Webb Street is one block from the beach and Deal Lake. According to Steven Follman, sales associate and area market specialist at Gebroe-Hammer, the new ownership plans a capital improvement program at the property.
At 1239, 1251 and 1311 Washington Avenue, Gebroe-Hammer 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.
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.