V.P. Daniel Lanni Arranges Multiple Sales along Jersey Shore
Woodbridge, N.J. – The Kislak Company, Inc. announced the sale of four investment properties totaling $12,590,000 in Long Branch and Asbury Park, New Jersey – two of which came on the market for the first time in 30 years. The properties include 100 residential units and seven retail spaces.
Kislak marketed the properties on an exclusive basis with vice president Daniel Lanni representing the sellers and procuring the purchaser in each transaction.
Mr. Lanni commented: “Monmouth County remains a strong market for investment sales especially in the shore towns of Long Branch and Asbury Park. We exclusively represented four sellers and quickly generated significant interest in the properties and ultimately closed the sales at record prices.”
The largest sale was of 135 Rockwell Avenue in Long Branch for $7,025,000. Located less than a mile to Ocean Avenue, the property is comprised of four two-story brick garden apartment complexes with 63 one-bedroom units. Amenities include private entrances, hardwood floors, onsite parking and laundry facilities. The value-add opportunity included significant recent improvements such as new roofs, hot water heaters, and major plumbing upgrades with kitchen and bathroom upgrades in half of the apartments.
Nearby Matilda Terrace, which is a two-story brick building located at 468 2nd Avenue in Long Branch, sold for $1,825,000. The sale included 15 out of 20 garden-style one-bedroom condominiums. On the market for the first time in 30 years, it includes the value-add opportunity to purchase the remaining five condominiums for future conversion to an apartment building. With new a roof and boiler heating system, onsite parking and unit renovations, the property, near Ocean Avenue and Pier Village, also provides an upside in rents.
In Asbury Park, the property located at 601-621 Main Street sold for $2,040,000, which was a 7% cap rate. It is a two-story mixed-use building with nine residential units, mostly two-bedroom apartments, and seven retail spaces with high visibility given its Main Street location. Like Matilda Terrace in Long Branch, this property came on the market for the first time in 30 years after recent capital improvements with long term tenants maintaining stable occupancy.
Also in Asbury Park, a 13-unit apartment complex at 407 8th Avenue sold for $1,700,000. Near Deal Lake and Ocean Avenue, the property is comprised of eight one-bedroom apartments, three studios and two two-bedroom apartments. With under market rents, it offered another value-add opportunity.
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.
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, Chief Operating Officer, at (732) 750-3000 or email@example.com