200 Deal Lake Drive in Asbury Park — Courtesy: JLL
By Joshua Burd
The owner of a 98-unit apartment building near the famed Asbury Park boardwalk is seeking a buyer for the property, according to a listing team with JLL.
Brokers involved in the deal say the eight-story property, 200 Deal Lake Drive, is 97 percent leased but has in-place rents that are roughly 20 percent below market. That provides would-be investors “with significant upside through unit and amenity renovations in addition to a mark-to-market opportunity,” JLL said, touting recent rent growth in the Jersey Shore submarket and vacancy below 3 percent over the trailing 10 years.
“The boutique property has stunning Atlantic Ocean and Deal Lake views and consists of a diverse mix of studios (and) one- and two-bedroom apartments including one oversized penthouse with private rooftop terrace,” the firm wrote in its marketing materials. “Residents enjoy several amenities, including a fitness center, laundry room, media room and a striking rooftop terrace overlooking the coastal landscape.
“Located just a block away from Ocean Avenue and the infamous Asbury Park boardwalk, the property offers easy access to Asbury Park’s lively coastal scene, including legendary music venues like The Stone Pony, Asbury Lanes and historic Convention Hall, acclaimed restaurants such as Porta and Pascal & Sabine and numerous local retailers and art galleries along Cookman Avenue.”
JLL’s Mike Oliver, Steve Simonelli, Jose Cruz, Elizabeth DeVesty, Austin Pierce and Ryan Robertson are marketing the property with support from Thomas E. Didio Jr. and Gerard Quinn of the firm’s financing group. They noted that the Garden State Parkway and routes 71 and 35 are less than five miles from 200 Deal Lake Drive, as are Brookdale Community College’s Neptune campus and Monmouth University, while the Asbury Park train station is 1.5 miles away.
