The 46-unit apartment building at 165 Pavilion Avenue and the adjacent commercial building at 231 Third Avenue near the Long Branch train station and Monmouth Medical Center were recently sold by Paterson-based real estate firm Jebara Properties.
A report in RE-NJ says that the buyer – Henshaw Realty – acquired the two buildings as part of a 1031 exchange transaction involving a third property in New York City.
The multifamily property in Long Branch, known as The Pavilion, was completed in 2021 and spans five stories. The property features a courtyard garden, BBQ grill, fire pit, covered parking, and storage units, with some units offering private patios. Every apartment in the building includes an in-unit washer and dryer, walk-in closets, and stainless-steel appliances, according to an archive from the property’s website from July.
The complex consists of one- and three-bedroom units with rents ranging from $2,600 to $4,300, according to the archive; however, it is unclear what the current rental rates are because the URL to the complex’s website is dead.
On the other hand, the commercial building located at 231 Third Avenue is fully tenanted by Dunkin’ and Sushi on Fleek.
Records from the Monmouth County Clerk’s Office show that the sale of the rental complex and the commercial building were actually completed in September. Henshaw paid $18 million for the apartment building and $1.4 million for the commercial building.
The rental building has an assessed value of $12.3 million, while the commercial building has an assessed value of $1.3 million. Records from the county clerk’s office also show that the apartment and commercial buildings were erected on four lots that were consolidated and subdivided in October 2021.
A report in Citibiz says that West Orange-based real estate brokerage ICON Real Estate Advisors arranged the transaction and represented both the seller and the buyer. The firm did not disclose the address of the property in New York City.
