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Gebroe-Hammer Associates Arranges $16.1 Million Sale of Dover Chase Apartments in Toms River, N.J.
Class-A Complex is Near Beaches and Town Center
"Ocean County offers ideal demographics and a high concentration of new and existing multi-family product that, if it follows statewide trends as expected, will result in heightened investment trading activity in the coming 12 to 18 months," said Brecher.
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-foot 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 are among the modern amenities. Most units also have attached garages with direct apartment access.
"This Class-A, amenity filled garden complex is located just seven miles from the center of town and within minutes from local beaches, both of which contributed toward the per-unit price of approximately $146,000," said Follman, who noted the seller plans to acquire a distressed out-of-state asset with the proceeds of this sale as part of an exchange as well.
Toms River is one of the fastest growing regions in 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. NJ Transit also provides five bus routes linking Newark/Jersey City, Manhattan and Atlantic City and rail service in nearby Bay Head.
Established in 1975 by industry icons Mel Gebroe and Morris Hammer, Gebroe-Hammer Associates specializes in multi-family, retail and office property investment sales throughout New Jersey, New York, and Pennsylvania, including Philadelphia. Widely recognized for its consistent sales performance, the award-winning firm is an eight-time CoStar Power Broker.