WOODBRIDGE, N.J. – The Kislak Company Inc. announced the recent $35,200,000 sale of Jamestowne Village Apartments in Toms River, Ocean County, New Jersey. Senior Vice president Matt Weilheimer represented the seller, co-managing director Jeffrey Wiener and vice president Jonathan Greenberg together represented the purchaser, JP Management, 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% of the units have been renovated.
Kislak was engaged by the seller, the original developer, on an exclusive basis. The property had never before been on the market. The purchaser was a New Jersey-based private investor and longtime Kislak client.
The sale of Jamestowne Village is the single largest sale of a multifamily property in Ocean County, New Jersey in terms of price since 2011 based on data available from CoStar.
“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,” said 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,” said 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. Toms River and Ocean County are among the fastest growing municipalities and counties, respectively, in New Jersey. As of the 2010 United States Census, the county population increased 12.8% from the 2000 Census to become the fifth-most populous county in the state.
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 109th year, Kislak was among a select group of firms recognized as a 2014 Power Broker by CoStar Group, Inc. for multifamily sales transactions in northern New Jersey and this was the firm’s ninth consecutive recognition.