LONG BRANCH, NJ—The Kislak Company has arrangedthe sale of Fountain Gardens, a 46-unit multifamily property inLong Branch, Monmouth County, NJ, for $5.3 million.Kislak vice president JeffSquires represented both parties in the transaction.
“We are beginning to see some long-time owners deciding to selltheir multifamily properties given the historically high prices theproperties are commanding,” says Squires. “Buyersare jumping at opportunities to own quality real estate in primelocations, regardless of current conditions or cash flows. Thesetypes of opportunities can be extremely lucrative for the long-termbuy and hold strategy. The seller owned FountainGardens for over 40 years and it was on the market foronly a week before we procured a buyer on an all-cash basis.”
Built in 1962, Fountain Gardens is situated onmore than one and a one-half acres and includes a combination oflarge one- and two-bedroom apartments. It is conveniently locatedon Ocean Avenue one block from the Atlantic Ocean. The property hasabundant on-site parking, many of the units have balconies withocean views, and it is conveniently located within walking distanceof Monmouth University, the Long Branch TrainStation and Pier Village.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
