Toms River Apartments Change Hands for $35.2M

TOMS RIVER, NJ—The Kislak Company has brokered the sale of the 338-unit Jamestowne Village Apartments in Toms River, NJ to JP Management, a private investor, for $35.2 million. Kislak says it's the single largest sale of a multifamily property in Ocean County, NJ, in terms of price since 2011.

Kislak Company senior vice president Matt Weilheimer represented the seller, co-managing director Jeffrey Wiener and vice president Jonathan Greenberg together represented the purchaser, and chief operating officer Jason Pucci provided transaction management and support.

The property includes 282 one- and 56 two-bedroom units in 24 two-story brick garden style buildings with semi-private entrances on 16 acres. The property was constructed between 1969 and 1971, and 90 percent of the units have been renovated.

Kislakworked with the property's original developer, on an exclusive basis. The property had never before been on the market. The purchaser, JP Management, is a New Jersey-based private investor and longtime Kislak client.

"The seller was able to maximize value, while the purchaser had the ability to upgrade the asset considerably with the implementation of a capital improvement plan," says Weilheimer.

"The multifamily market is so hot in New Jersey that the value of this property was increasing every day the property was under contract," says Greenberg. "The purchaser is very familiar with the market, which confirmed his decision to acquire this asset."

Jamestowne Village is located just north of Route 37, approximately five miles west of the Atlantic Ocean, 56 miles north of Philadelphia and 73 miles south of New York City.

Correction, 11/6/2015: Because of an editing error, an earlier version of this article identified JP Management as the seller of the property. JP Management is the buyer.