Route 88 Development Sold

Photo by Micromedia Archives

BRICK – The apartment and office complex known as Olympic Gardens has been sold, according to a press release from its broker, Gebroe-Hammer Associates of Livingston.

The $10.1 million purchase includes the entire property, encompassing 80 apartments and 14 office units on Route 88. The purchase took place at the end of last month.

Gebroe-Hammer brokered the deal between the seller, Longwood Ave LLC, and the buyer, Brick APTS LLC.

“Olympic Gardens is truly unique – rather than having apartment units over office space, it has two distinct, stand-alone property uses adjacent to one another. It is particularly rare for the Outer North Ocean County submarket, where the overall multi-family housing stock – and apartment-living options – barely exceeds 10 percent,” said Joseph Brecher, managing director of the broker.

The property was built in 1965, and has undergone recent upgrades. It was an attractive purchase because it is close to major roads and conveniences, the report stated.