Kislak Brokers $19.6 Million Sale of Ashley Club Apartments and Arbor Club Apartments
WOODBRIDGE, NJ — The real estate brokerage firm Kislak Company, Inc., announces the $19,600,000 sale of Ashley Club Apartments and Arbor Club Apartments, two properties with a total of 392 units in Pensacola, Florida. President Robert Holland, senior vice president Matt Weilheimer and sales associate Joseph Keenan handled the sale exclusively on behalf of the seller and procured the purchaser through Kislak’s Florida brokerage affiliate. The seller was a partnership that owned the properties for more than 20 years and the purchaser was a large national owner and operator of multifamily properties.
Ashley Club Apartments is a 224-unit property located at 2101 Scenic Highway and Arbor Club Apartments is a 168-unit property located at 700 East College Boulevard. The properties were constructed in 1985 and include a combination of one- and two-bedroom well-maintained units with individual entrances. Many recent improvements were completed at each property and amenities include spacious bedrooms, fully equipped kitchens, private screened patios or balconies, a pool with sundeck and hot tub, tennis court and an on-site fitness center.
The properties are located approximately five miles apart in suburban Pensacola near the city’s downtown and beaches. Pensacola is the westernmost city in the Florida Panhandle and the county seat of Escambia County. It is a strong rental market and Ashley Club Apartments and Arbor Club Apartments have a long history of high occupancies with very few vacancies.
“Pensacola, with its growing population, expanding regional airport, strong local economy and pristine beaches, garnered the attention of regional, national and Canadian investors,” said Keenan. “Our team did an excellent job marketing the properties and extolling the benefits of the local market,” said Holland. “The purchaser was looking to expand into the Pensacola market and these properties were a perfect fit,” said Weilheimer.
The transaction was all cash. The seller was represented by John Kuhn, Esq., of Bilzin Sumberg and the purchaser was represented by in-house counsel. At the time of closing, Ashley Club Apartments was approximately 96 percent occupied and Arbor Club Apartments was approximately 95 percent occupied.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is recognized as the dominant investment sales company serving the multifamily and retail markets in and around New Jersey. Established in 1906, Kislak’s market leadership position and longevity is due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s 25 professionals provide market coverage throughout New Jersey, New York, Pennsylvania, Delaware and Florida.
Now in its 107th year, Kislak was among a select group of firms recognized as a 2012 Power Broker by CoStar Group, Inc. for multifamily sales transactions in northern New Jersey and this was the firm’s sixth consecutive recognition.
For more information about The Kislak Company, please contact Jason Pucci, chief operating officer, at (732) 750-3000 or firstname.lastname@example.org, or visit www.kislakrealty.com.