64 Units Trade in Separate Transactions
Woodbridge, N.J., April 20, 2022 – The Kislak Company, Inc. announced the following recent multifamily sales in Monmouth County, New Jersey:
- Steiner Ocean Apartments, 36 units at 65 Steiner Avenue in Neptune City for $6,550,000;
- 20 units at 14-32 Hancock Street in Keansburg for $3,000,000; and
- 8 units at 2-16 George Street in Neptune for $1,075,000.
Kislak marketed the properties, the first two exclusively, with senior vice president Daniel Lanni managing each assignment. He also procured the purchaser of each property.
Steiner Ocean Apartments, which was available for the first time in 35 years, consists of three, two-story, garden style buildings with a total of 36 units, all also with private entrances and onsite parking. Under market rents provide a value-add opportunity for the purchaser.
Just one mile from the beach, the Keansburg property consists of 12 one-bedroom and eight two-bedroom units with onsite parking. The Neptune property consists of eight one-bedroom units all with new kitchens and bathrooms, private entrances, and onsite parking, includes renovations such as a new roof, new boilers, and water heaters.
Noting the current trend in the market, Mr. Lanni remarked: “In the 12 years I have been selling investment real estate in Monmouth County, there has never been a better market. Those who resisted selling in the past are now compelled given the incredible investor demand and continued cap rate compression. Investors are liquid and there has never been a better opportunity for a seller to achieve top dollar. We had multiple bidders on these deals and efficiently serviced them from start to finish.”
Mr. 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 thirty-five professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, and Delaware.
Now in its 116th year, Kislak was among a select group of firms recognized as a 2021 Power Broker by CoStar Group, Inc. and this was the firm’s 16th consecutive recognition.