Thousand Oaks Village, a 304-unit garden-style complex within the Raritan Bayshore municipality of Atlantic Highlands, New Jersey, has been sold for $56m. The buyer, KRE Group, paid a little over $184,210 per unit. Built in 1981 and renovated in 1999, the property is a mix of 196 one-bedroom (740 sq ft) and 48 two-bedroom (1,000 sq ft) apartments as well as 60 three-bedroom townhome-style units (1,200 sq ft). Property amenities include a swimming pool with sundeck, tennis courts, a playground and winding trails for hiking, biking and jogging. Gebroe-Hammer Associates represented the seller, Thousand Oaks, LLC.
“The seller recognized the market conditions were right to sell Thousand Oaks Village, a highly visible, well-maintained class B multi-family asset in close proximity to regional employment hubs and upscale residential/commercial/retail centers,” said Ken Uranowitz, president of Gebroe-Hammer Associates.
