WOODBRIDGE, N.J. — The Kislak Company, Inc. announced the recent sale of two multifamily properties in Monmouth County, New Jersey for a total of $10,800,000. The separate transactions include the $7,700,000 sale of West End Gardens, a 56-unit garden apartment community in Long Branch and the $3,100,000 sale of Parkview Terrace, a 26-unit high rise in Asbury Park. Kislak marketed all of the properties on an exclusive basis and vice president Daniel Lanni represented all parties in the transactions.
“The market for multifamily properties remains very strong throughout New Jersey and the Monmouth County submarket is no exception,” said Robert Holland, president. “Since last year alone, Kislak sold more than $70 million worth of multifamily properties in Monmouth County led, in large part, by Dan’s efforts. He is the regional expert and a master marketer. I am very proud of his continued success.”
“The Monmouth County multifamily sales market is very active,” said Lanni. “We obtained an exclusive listing to market and sell each property and very quickly achieved high offers from qualified investors. Both sellers were longtime owners and realized that now is an optimal time to sell, and the purchasers were excited to add well-located properties with value-add components to their portfolios.”
West End Gardens is a 56-unit apartment complex located on West End Avenue in Long Branch. The seller was the original builder and it had never before been on the market. Constructed in 1965, the property is centrally located near the beach, train station and Pier Village. The property has new roofs and windows and renovated kitchens and bathrooms in some of the units. There is on-site parking for over 100 cars.
Parkview Terrace is a six-story high-rise building with 26 units located on Park Avenue in Asbury Park. The well-maintained property includes on-site laundry facilities with newer high efficiency boilers and hot water heaters, secure parking and ocean views in some units. Located near Ocean Avenue, the property provides easy access to downtown Asbury Park, Route 35 and the Garden State Parkway.
Lanni joined Kislak in 2010 and specializes in the sale of multifamily and other investment properties in Monmouth and Ocean County, New Jersey. He was the recipient of the company’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 recognized as the dominant investment sales company serving the multifamily and retail markets. 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 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 seventh consecutive recognition.