E.V.P. Barry Waisbrod Arranges Exclusive Sale of 52 Units in Monmouth County
Woodbridge, N.J., June 7, 2023 – The Kislak Company, Inc. announced the recent sale of Virginia Court Apartments, a 52-unit multifamily property at 362-372 Bath Avenue in Long Branch, Monmouth County, New Jersey, for $9,750,000.
Kislak marketed the property on an exclusive basis on behalf of the seller, Virginia Castle, LLC with executive vice president Barry Waisbrod handling the assignment, and he also procured the purchaser, which was not disclosed. The seller previously purchased the property through Kislak in 1997.
Constructed in 1963, Virginia Court Apartments is a two-story brick garden apartment complex with 52 units in five buildings on nine-tenths of an acre. The unit mix includes 20 one-bedroom units and 32 two-bedroom units. All units have private entrances and new windows.
Mr. Waisbrod commented, “This is a well-maintained property in an excellent Jersey Shore location. It appealed to the purchaser given the significant upside potential to renovate units and increase rents.”
The property is well-located in a residential neighborhood a half mile from downtown Long Branch, one mile west of the Atlantic Ocean and one mile southwest of Pier Village, the popular Jersey Shore destination that anchors oceanfront Long Branch.
Long Branch is an oceanfront city with a growing population in northeastern Monmouth County 55 miles south of Manhattan – one hour by car and 40 minutes from Wall Street via the Sea Streak Ferry that leaves from nearby Highlands. The Long Branch train station is less than a half mile from the property and is connected to New York City and northern New Jersey via New Jersey Transit trains on the North Jersey Coast Line.
As of the 2020 United States census, the city’s population was 31,667, a 3.1% increase from 2010, and the population is estimated to have increased another 2.4% to 32,434 in 2022.
The seller’s attorney was Richard Kelin of Raiss Kelin Booker & Goldstein LLC and the purchaser’s attorney was Morris Silberberg of Silberberg & Klein LLP.
Barry Waisbrod joined Kislak in 2001 and is consistently among the firm’s leading salespeople. He specializes in the sale of multifamily and other investment properties throughout New Jersey and its neighboring states. Mr. Waisbrod received the firm’s Jay I. Kislak Produced of the Year award in 2021 and Sima Kislak Jelin Salesperson of the Year award in 2019, 2015 and 2013. His investment sales total more than $1.6 billion.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm 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 thirty-five professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, Delaware and Florida.
Now in its 117th year, Kislak was among a select group of firms recognized as a 2022 Power Broker by CoStar Group, Inc. and this was the firm’s 17th consecutive recognition. For the second consecutive year, Kislak was named by NJBIZ as one of its Leaders in Real Estate, Construction and Design in New Jersey.
