Kislak Completes $11.3 Million Monmouth County, NJ Multifamily Sales
WOODBRIDGE, NJ — The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region, announced the $11,300,000 sale of five multifamily properties throughout Monmouth County, New Jersey. In separate transactions, a 36-unit property in Spring Lake Heights sold for $3,960,000; a 26-unit property in Long Branch sold for $2,600,000; an 18-unit property in Belford sold for $2,075,000; a 19-unit property in Asbury Park sold for $1,365,000 and a 15-unit property in Keansburg sold for $1,300,000.
“The market for multifamily and investment properties remains very strong throughout New Jersey including the coastal shore areas impacted by Hurricane Sandy,” said Robert Holland, president and co-managing director. “The closings that occurred in the months following the hurricane show the resilience of the market and continued demand among investors.”
The Spring Lake Heights property, which is known as The Oaks, is located in a quiet and desirable residential neighborhood with a combination of one- and two- bedroom apartments in a two-story brick building with a pitched roof. Amenities include private entrances, on-site parking and laundry facilities, and many improvements had been completed within the last 10 years. Sales associated Daniel Lanni represented the seller and senior vice president Matt Weilheimer represented the purchaser.
“Once the seller engaged us to market and sell the property, we quickly procured a purchaser,” said Lanni. “The transaction was all cash and we closed in 18 days.”
The Long Branch property is located on Ocean Boulevard within walking distance of the ocean and Pier Village. It consists of all one-bedroom apartments in a two-story brick building with a pitched roof. Amenities include private entrances, on-site parking and laundry facilities. Lanni represented the seller and vice president Don Baxter represented the purchaser.
“This property is an excellent location one block from the ocean,” said Baxter. “We quickly procured a purchaser in need of completing a Section 1031 like-kind exchange. After selling another property, our client identified this property for his exchange and closed.”
The Belford Property is located on Main Street and represents the majority of the new downtown multifamily and retail space in the community. Constructed in 2007, it consists of 11 one- and two-bedroom luxury apartments and five retail spaces with a total of 8,700 square feet. Baxter and Weilheimer represented the seller and Lanni represented the purchaser.
“We originally represented the prior owner on an exclusive basis and ultimately worked with a national lender to facilitate the sale,” said Baxter. “The lender took possession of the property and we procured a purchaser who was able to close pursuant to the lender’s non-contingent terms.”
The Asbury Park property, which is known as Lakeside Terrace Apartments, is located on Fifth Avenue, across from Sunset Lake five blocks from the ocean and the famous Asbury Park boardwalk. It consists of a combination of studios, one- and four-bedroom apartments in a three-story brick building. Amenities include private balconies and on-site parking. Recent improvements include a new roof. Lanni represented both parties in the transaction.
“This was the eighth property that we sold for the seller having previously sold other multifamily properties in Asbury Park and Long Branch for him,” said Lanni. “We listed this property on an exclusive basis and generated a great deal of interest from local investors. There is strong demand for quality multifamily properties in Asbury Park and this property is in an excellent location and has a strong history.”
The Keansburg property, which is known as Sparrow’s Point, is located on Main Street ten blocks from the ocean. It consists of a 14,400 square foot two- story mixed use building with 10 apartments over five retail stores with many long-term tenants. Eight apartments have one bedroom and two apartments have two bedrooms. Amenities include skylights in each apartment and hallway, hardwood floors and off-street parking. The sale included a coin-operated laundry business and all related equipment and restaurant equipment. The property recently passed the state five-year inspection.
Vice president Andrew Jonas represented the seller, a longtime Kislak client who used the sale to complete a Section 1031 like-kind exchange. A local RE/MAX affiliate represented the purchaser. At the time of closing, the property was 100% occupied.
“Despite its proximity to the ocean, the property was not damaged by Hurricane Sandy,” said Jonas. “This is a stable property with many long-term tenants and well-controlled expenses. We listed the property on an exclusive basis and generated strong interest among many local investors. The seller previously purchased and sold many investment properties with us for more than 30 years.”
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. Established in 1906, Kislak’s market leadership position and longevity are 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 comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
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 seventh consecutive recognition.