TOMS RIVER, NJ-In an all-cash transaction, the 80-unit Paradise Club Apartments here has been sold. Neither the buyer nor the seller was identified.
Both sides of the table were represented by brokers from the Kislak Co., based in Woodbridge, NJ. The buyer was represented by Rosanne Maccarone, a Kislak vice president. The listing was secured on an exclusive basis by Matt Weilheimer, also a Kislak VP, from the seller, with whom he has had a long-time business relationship. The sale price was not disclosed, but industry sources say the rental likely traded for a number in the $8 million range.
According to Weilheimer, the two-story garden complex was marketed as a well-leveraged, low-risk investment in a stable environment. "This is one of Ocean County's premier investment properties," says Maccarone, who sold the property for the second time. The buyer made an all-cash offer with no mortgage contingency.
"We were fortunate to have a knowledgeable buyer, who recognized the attributes of the property," Maccarone says. "They also realized the intrinsic value of the tax benefit, the hedge against inflation and long-term financial stability."
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