S.V.P. Daniel Lanni Arranges Exclusive Sale of 10 Luxury Units in Ocean County for Record Price Per Unit

Woodbridge, N.J., October 28, 2024 – The Kislak Company, Inc. announced the recent sale of Village Apartments, a 10-unit luxury multifamily property at 1005 Trenton Avenue in Point Pleasant, Ocean County, New Jersey, for $3,500,000.

Kislak marketed the property on an exclusive basis with senior vice president Daniel Lanni handling the assignment on behalf of the seller WSJ II, LLC, and he procured the purchaser, L State Realty, LLC.”

At $350,000 per unit, the price represents the highest price achieved for a multifamily property in Point Pleasant and all of Ocean County according to data available from CoStar.

Mr. Lanni commented, “It was a pleasure to sell this property again after selling it in 2017. These are large, condo quality apartments in a terrific location less than two miles from the ocean. We achieved a record price per unit at an aggressive 5.1% cap rate. Helping the buyer to close quickly and efficiently, Magyar Bank financed the transaction.”

Built in 2002, the 10,000-square-foot brick, two-story complex consists of 10 two-bedroom, two bath apartments with individual washers and dryers, spacious open floor plans, individual balconies and porches and ample onsite parking. Fully occupied at the time of sale, with below market rents and no rent control, this property was attractive as a potential a condo conversion opportunity.

Point Pleasant is popular Jersey Shore destination in northern Ocean County situated just south of the Manasquan River. It has a good walkability score and is serviced by nearby the New Jersey Coast Line commuter rail along with two bus lines.

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. Mr. Lanni was the recipient of the firm’s 2011 Rookie of the Year Award and was promoted to a senior vice president in 2019. He has also been recognized by the Mid Atlantic Real Estate Journal as one of its 40 Under 40 in commercial real estate.

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 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, Delaware, and Florida.

Now in its 118th year, Kislak was among a select group of firms recognized as a 2023 Power Broker by CoStar Group, Inc. and this was the firm’s 18th consecutive recognition. Kislak was also named by NJBIZ as a 2024 Leader in Real Estate, Construction and Design and this was the firm’s third recent recognition.