By Joshua Burd
An investor has purchased a 36-unit garden apartment complex in Neptune City for $6.55 million, in the largest of three newly announced deals by The Kislak Co. Inc.
The brokerage team said the property, Steiner Ocean Apartments, changed hands after becoming available for the first time in 35 years. The three-building community at 65 Steiner Ave. has below-market rents, Kislak noted, providing a value-add opportunity for the buyer.
The firm also brokered the $3 million sale of 20 units at 14-32 Hancock St. in Keansburg, a collection of one- and two-bedroom homes one mile from the beach, and the $1.075 million trade of eight units at 2-16 George St. in Neptune. Kislak Senior Vice President Daniel Lanni marketed each property and procured the buyers.
“In the 12 years I have been selling investment real estate in Monmouth County, there has never been a better market,” Lanni said. “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.”
