ICON Real Estate Advisors has arranged the disposition of a multifamily and retail assemblage in Long Branch, NJ, executing a 1031 exchange trade on behalf of a private investor. The transaction involved the sale of The Pavilion, a newly built apartment community at 165 Pavilion Ave., along with an adjacent retail property at 231 Third Ave. The combined consideration for the two assets was $19,350,000.
The Pavilion accounted for the bulk of the pricing, trading for $18,000,000. The five-story residential building was completed in 2021 and houses 46 rental units. According to the parties involved, the apartments feature modern interior finishes and provide residents with private outdoor space, positioning the property as a contemporary offering within the local multifamily stock.
The accompanying retail component, located a short distance away on Third Avenue, sold for $1,350,000. While specific tenant and square footage information were not disclosed, the retail asset was marketed and sold as a complementary piece to the nearby multifamily property, allowing the buyer to acquire both residential and commercial income streams in one coordinated transaction.
The buyer, Henshaw Realty, completed the purchase as part of a 1031 exchange following the sale of an unspecified asset in New York City. By redeploying exchange proceeds into the Long Branch properties, Henshaw Realty sought to maintain continuity of cash flow in a coastal New Jersey location while satisfying like-kind exchange requirements.
The seller, Jebara Parners, was identified as the original developer of The Pavilion. The firm elected to dispose of its Long Branch holdings in order to concentrate on what it describes as core investments in Northern New Jersey. The sale concludes Jebara Parners’ involvement in the project while transferring ownership to a new investor with a long-term income focus.
ICON Real Estate Advisors represented both the buyer and the seller in the transaction. The firm coordinated the multifamily and retail dispositions as a single assignment, guiding the 1031 exchange buyer through identification and closing within the applicable timeline.
Commenting on the broader market, ICON’s David Jarvis noted that well-located multifamily properties in coastal New Jersey continue to attract strong investor interest. He added that 1031 exchange buyers remain an active segment of the capital base, particularly for assets viewed as stable and income-producing. The Long Branch sale highlights how recently delivered, amenitized multifamily buildings, coupled with adjacent commercial uses, fit squarely within that profile for exchange-driven investors.
