LONG BRANCH AND ASBURY PARK, NJ—Two longtime property owners are taking advantage of the brisk market for multifamily assets and cashing out, letting The Kislak Company broker sales of a combined 82 units in Long Branch and Asbury Park for $10.8 million.

The separate transactions include the $7.7 million sale of West End Gardens, a 56-unit garden apartment community in Long Branch and the $3.1 million sale of Parkview Terrace, a 26-unit high rise in Asbury Park. Kislak marketed the properties on an exclusive basis and vice president Daniel Lanni represented all parties in the transactions. Buyers and sellers were not disclosed.

"The market for multifamily properties remains very strong throughout New Jersey and the Monmouth County submarket is no exception," says Robert Holland, Kislak president. "Since last year alone, Kislak sold more than $70 million worth of multifamily properties in Monmouth County led, in large part, by Dan's efforts. He is the regional expert and a master marketer. I am very proud of his continued success."

"The Monmouth County multifamily sales market is very active," says Lanni. "We obtained an exclusive listing to market and sell each property and very quickly achieved high offers from qualified investors. Both sellers were longtime owners and realized that now is an optimal time to sell, and the purchasers were excited to add well-located properties with value-add components to their portfolios."

West End Gardens is a 56-unit apartment complex located on West End Avenue in Long Branch. The seller was the original builder and it had never before been on the market. Constructed in 1965, the property is centrally located near the beach, train station and Pier Village. The property has new roofs and windows and renovated kitchens and bathrooms in some of the units. There is on-site parking for over 100 cars.  

Parkview Terrace is a six-story high-rise building with 26 units located on Park Avenue in Asbury Park.  The well-maintained property includes on-site laundry facilities with newer high efficiency boilers and hot water heaters, secure parking and ocean views in some units.  Located near Ocean Avenue, the property provides easy access to downtown Asbury Park, Route 35 and the Garden State Parkway.

Lanni joined Kislak in 2010 and specializes in the sale of multifamily and other investment properties in Monmouth and Ocean County, New Jersey. He was the recipient of the company's 2011 Rookie of the Year Award and was promoted to vice president in 2014.