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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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