ICON Real Estate Advisors brokered the $19.35-million sale of The Pavilion, a 46-unit apartment building in Long Branch, and an adjacent retail property.
ICON Real Estate Advisors has facilitated the $19.35-million sale of a coastal New Jersey investment portfolio in Long Branch. The transaction included The Pavilion, a 46-unit multifamily building at 165 Pavilion Ave. that commanded $18 million, and a neighboring retail property at 231 Third Ave. that sold for $1.35 million.
The buyer, Henshaw Realty, secured the assets in a 1031 exchange following a divestment in New York City. The seller, Jebara Partners, developed The Pavilion and opted to exit the Long Branch market to concentrate on core investments in Northern New Jersey. Completed in 2021, the five-story residential project features modern unit finishes and private outdoor space.
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