SPRING LAKE, NJ-Saying that Monmouth County’s apartment market appears to have shrugged off Sandy’s disruption, Kislak Company announced it has completed a new round of property sales there. Five apartment buildings were sold for a total of $11.3 million.
The transactions included a 36-unit property in Spring Lake Heights that sold for $3.96 million.
Also, a 26-unit property in Long Branch sold for $2.6 million; an 18-unit complex in Belford sold for $2.075 million; a 19-unit property in Asbury Park sold for $1.365 million and a 15-unit property in Keansburg sold for $1.3 million.
“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, Kislak’s president. “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, has one- and two- bedroom apartments, on-site parking and laundry facilities. Daniel Lanni represented the seller and 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 on Ocean Boulevard is within walking distance of the ocean and Pier Village. It has one-bedroom apartments, on-site parking and laundry. Lanni represented the seller and Don Baxter represented the purchaser.
The Belford Property is situated on Main Street and was built 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 together worked with the parties to close the transaction.
“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.” Lanni represented the buyer of the property.
The Asbury Park property, Lakeside Terrace Apartments, is located on Fifth Avenue, across from Sunset Lake, five blocks from the ocean and boardwalk. It consists of a combination of studios, one- and four-bedroom apartments in a three-story building. Amenities include private balconies and on-site parking. 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, Sparrow’s Point, is on Main Street, ten blocks from the ocean. It has ten apartments over five retail stores, with many long-term tenants. There are skylights in each apartment and hallway, hardwood floors and off-street parking.
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.