Coastal NJ Apartments and Retail Sell in 1031 Exchange
ICON Real Estate Advisors arranged the $19.35-million sale of The Pavilion, a newly constructed 46-unit multifamily building located at 165 Pavilion Ave. in Long Branch, NJ, and an adjacent retail property at 231 Third Ave. The sale price included $18 million for The Pavilion and $1.35 million for the retail property.
The buyer, Henshaw Realty, acquired the assets as part of a 1031 exchange following the sale of a New York City asset. The seller, Jebara Parners and the original developer of the project, elected to divest the Long Branch holdings to focus on core investments in Northern New Jersey. ICON represented both the seller and buyer.
Completed in 2021, The Pavilion is a five-story residential building featuring 46 rental units with modern finishes and private outdoor space. “Well-located multifamily assets in coastal New Jersey markets continue to see strong investor demand, including from 1031 exchange buyers seeking stable, income-producing opportunities,” said ICON’s David Jarvis.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout