S.V.P. Daniel Lanni Arranges Off-Market Sale of 98-Units
Woodbridge, N.J., July 21, 2021 – The Kislak Company, Inc. announced the recent sale of Kingsley Arms Apartments, a 98-unit apartment building located at 200 Deal Lake Drive, Asbury Park, Monmouth County, New Jersey, for $18,500,000.
Kislak arranged the off-market sale with Senior Vice President Daniel Lanni handling the assignment on behalf of the seller, Sackman Residential Holdings LLC, and purchaser, 200 Deal Lake, LLC.
Commenting on the upswing in the market in recent years, Mr. Lanni said: “The property last sold in 2012 for $6,900,000 and in less than 10 years increased in value to $18,500,000, showing the strength of appreciation in the Asbury Park and overall New Jersey multifamily market. This was a seamless transaction from start to finish, thanks to all of the professionals involved.”
The property, which is known as Kingsley Arms Apartments, is a 100,000-square-foot, eight-story brick building with 23 studios, 68 one-bedroom units, five two-bedroom units, and two penthouse units, many with lake/ocean views. The units were renovated in 2016, and building upgrades were completed earlier this year. Amenities include on-site laundry facilities, a gym, media room and roof terrace.
The property is located in a well-maintained residential area in northeastern Asbury Park within the redevelopment zone of Asbury Park on Deal Lake, one block from the Atlantic Ocean and the north end of the Asbury Park boardwalk.
Short drives to nearby Allaire State Park and Thompson Park, Jenkinson’s Aquarium, and other local attractions along with a major music scene and film festivals of Asbury Park make this an attractive location for residents. Brookdale Community College and Monmouth University are less than four miles away with Commuter Rail service of the Allenhurst and Asbury Park Lines less than two miles away.
With a regular waiting list, the building remains at 98% occupancy throughout the year, thereby providing opportunity for rent increases due to the high demand. In this off-market transaction, the buyer put down a large, non-refundable deposit at contract signing and closed in less than 60 days. ConnectOne Bank provided the financing.
Daniel Lanni joined Kislak in 2010 and is consistently among the firm’s leading producers. He specializes in the sale of multifamily and other investment properties in central New Jersey with a particular focus along the Jersey Shore. He was the recipient of the firm’s 2011 Rookie of the Year Award and was promoted to a senior vice president in 2019.
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 35 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, and Delaware.
Now in its 115th year, Kislak was among a select group of firms recognized as a 2020 Power Broker by CoStar Group, Inc. and this was the firm’s 15th consecutive recognition.