Kingsley Arms Apartments at 200 Deal Lake Drive in Asbury Park — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An investor has sold a 98-unit apartment building in Asbury Park for $18.5 million, completing the deal roughly a decade after buying the property for less than $7 million.
According to The Kislak Co. Inc., which brokered the transaction, the building at 200 Deal Lake Drive has grown in value thanks in part to its Jersey Shore location, renovations to the apartments in 2016 and building upgrades completed earlier this year. The property known as Kingsley Arms Apartments was 98 percent occupied at the time of the off-market transaction.
“This was a seamless transaction from start to finish, thanks to all of the professionals involved,” Kislak Senior Vice President Daniel Lanni said. He noted that Sackman Residential Holdings LLC purchased the asset in 2012 for $6.9 million, “showing the strength of appreciation in the Asbury Park and overall New Jersey multifamily market.”
Lanni represented both the seller and the buyer, 200 Deal Lake LLC.
Located in northeastern Asbury Park, the collection of studio, one-bedroom, two-bedroom and penthouse apartments has on-site laundry facilities, a gym, a media room and a roof terrace, Kislak said. The property also sits within a redevelopment zone on Deal Lake, one block from the Atlantic Ocean and the north end of the Asbury Park boardwalk, providing easy access to area parks, recreational offerings and higher education institutions.
ConnectOne Bank provided financing for the deal.
