NEW JERSEY—An undisclosed investor has paid approximately $10.6 million to acquire Heights Manor, a 79-unit, garden-apartment complex at 1911 Greve Ave. in Spring Lake Heights, N.J.
Gebroe-Hammer Associates’ Ken Uranowitz, president, and Steven Follman, vice president, exclusively represented the seller, a private REIT that has owned the property since the 1960s. The Uranowitz-Follman team also identified the buyer.
“Monmouth County offers ideal demographics and has emerged as one of the most desirable places in New Jersey to live and work,” said Follman, area market specialist. “Here, and statewide, many long-term owners are now coming to market, as they realize the window is closing on favorable capital gains treatment, and investors are taking advantage of sub four percent interest rates to finance their acquisitions.”
Comprised of 10, two-story buildings, Heights Manor is in close proximity to routes I-95, 71,195, 35, 34 and the Garden State Parkway. Constructed in the mid-1960s, the property includes a mix of 62 one-bedroom and 17 two-bedroom duplex-style units.