GEBROE-HAMMER ARRANGES TWO MULTIFAMILY SALES TOTALING $38.3 MILLION

LAKEWOOD, N.J. — Gebroe-Hammer Associates has arranged the two multifamily property sales totaling $38.3 million in Lakewood. In the first transaction, The Crest at Washington Square, a 144-unit residential property located at 415 Cedar Bridge Road, sold for $26 million. Built in 2006, the building features a mix of one- and two-bedroom/one-bathroom units and two- and three-bedroom/two-bathroom layouts. Also included in the sale was a two-story, 17,516-square-foot retail and office building, which has a fully occupied ground-floor retail center. Joseph Brecher of Gebroe-Hammer represented the seller and procured the buyer in the transaction. In the second transaction, the 72-unit Shenandoah Village, located at 102 Susan Dr., sold for $12.3 million or more than $173,000 per unit. Built in 2000, the property features one- and two-bedroom floorplans with central air conditioning, washer/dryer, and a balcony, deck or patio. Community amenities include an outdoor barbecue area, playground and 160 parking spaces. Brecher represented the seller in the transaction, while Debbie Pomerantz of Gebroe-Hammer procured the buyer.