BELMAR, NJ—In a $5.7 million garden-apartment sale arranged by Gebroe-Hammer Associates, the 30-unit Silver Lake Garden Apartments has established a new per-unit price benchmark for pre-1970s-era product within Central New Jersey’s Shore submarket. The suburban seaside community is located at 104 Fifth Ave., at the easternmost point of Belmar and within the heart of one the state’s highest barrier-to-entry geographic regions.
Gebroe-Hammer’s Central and South Jersey market specialist, vice president Adam Zweibel, exclusively represented the original developer/owner, Anza Inc., and procured the buyer, a private investor who was not identified, for the circa-1966 low-rise complex. The sale garnered a $190,000 per-unit-price, a new high for apartment buildings constructed prior to 1970 in the Jersey Shore region.
“Given Silver Lake Gardens’ historically stabilized occupancy rates and prominent beach-block location, just steps from the Belmar boardwalk and Atlantic Ocean, the property posed an extremely rare acquisition opportunity for the Jersey Shore,” says Zweibel. “The buyer pursued this well-maintained, newly updated complex because of its exceptional condition as well as the long-term upside potential associated with existing and projected enduring multi-family fundamentals.”
Consisting of six two-bedroom and 24 one-bedroom layouts, Zweibel says Silver Lake Gardens has outstanding curb appeal thanks to its contiguous and unique horseshoe-shape arrangement. In addition, the garden-style community has undergone extensive upgrades since being built, the latest of which were completed from 2012 through 2015.
Capital improvements have included updated kitchens with ceramic-tile flooring, baths with marble sinks and vintage-style vanities, dedicated dining areas and polished hardwood flooring. Community upgrades range from a new water heater and boilers, electrical and roofing. The 23-space on-site parking lot is an added convenience for tenants who also have immediate access to on-street parking.
“Shore points such as Belmar with their own rail station have rapidly become a year-round haven for an out-commuter tenant base employed in Midtown Manhattan, North Jersey and along the Trenton/Princeton/Philadelphia corridor,” says Zweibel. “As a result, tenant and investor demand are surging in a submarket that already had a short supply of available for-sale multi-family product.”
Zweibel, who has been instrumental in expanding Gebroe-Hammer’s presence throughout Central and South Jersey, also represents client interests within the greater Northern New Jersey metro. Since joining the firm in 2013, Zweibel has completed more than 40 deals for a combined total of over 4,450 multi-family units sold for $533.78 million. In 2016, he was named to Gebroe-Hammer’s executive management team as a vice president, after just three years in the business.