V.P. Daniel Lanni Arranges Off-Market Sale of 44 Units in Middlesex County

Woodbridge, N.J., August 20, 2018 – The Kislak Company, Inc. announced the recent $5,200,000 sale of Colletti Terrace Apartments, a 44-unit multifamily property located at 192 Docks Corner Road in Jamesburg, Monroe Township, New Jersey.

Vice president Daniel Lanni arranged the off-market sale and represented both parties. The seller was Colletti Terrace, LLC, which owned the property since 2007, and the purchaser was a private investor.

Mr. Lanni commented: “The owners knew I had just sold 68 units in Jamesburg for a record price and gave me the opportunity to bring them an aggressive offer for Colletti Terrace. We quickly negotiated favorable terms and went to contract with a respected client.”

Built in 1963, the two-story brick buildings feature studios, and one and two-bedroom units with balconies. Surrounded by thick woods, the apartments are situated in a quiet area within a five minute walk from the center of town and feature amenities such as onsite parking and laundry facilities.

Located less than a mile from the New Jersey Turnpike at Exit 8A, Colletti Terrace is conveniently located only two miles from Thompson Park — 675 acres of the largest developed park in Middlesex County. Rutgers University in New Brunswick is nearby and Jersey Shore points and New York City are just an hour’s drive away.

Mr. Lanni commented further: “The buyers plan on upgrading the units and bringing the rents to market with future renovations of kitchens and bathrooms also planned.”

Financing was provided by ConnectOne Bank. At the time of closing, the property was 100% occupied.

Mr. Lanni joined Kislak in 2010 and specializes in the sale of multifamily and other investment properties in central and northern New Jersey. He was the recipient of the firm’s 2011 Rookie of the Year Award and was promoted to a vice president in 2014. Mr. Lanni is consistently among Kislak’s leading salespeople.

About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s 30 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.

Now in its 112th year, Kislak was among a select group of firms recognized as a 2017 Power Broker by CoStar Group, Inc. and this was the firm’s twelfth consecutive recognition.

For more information about The Kislak Company, Inc., please contact Jason Pucci, C.O.O., at (732) 750-3000 or jpucci@kislakrealty.com, or visit www.kislakrealty.com

 

 

Kislak Sells Colletti Terrace Apartments in Jamesburg, N.J. For $5.2 Million