Village Apartments at 1005 Trenton Ave. in Point Pleasant — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An investor has paid $3 million for 10 apartments in Point Pleasant, in a transaction arranged by The Kislak Co. Inc.
The brokerage firm represented the seller of Village Apartments, a property located at 1005 Trenton Ave., according to a news release. Kislak Vice President Daniel Lanni said the seller was the property’s original builder, while the buyer was a 1031 exchange investor.
The sale equated to a 4.5 percent cap rate and exceeded the previous record for the highest sale price per unit for an apartment building in Ocean County, Kislak said, citing data from CoStar.
“Dan did an extraordinary job handling the sale and achieving a record price,” said Robert Holland, president of Woodbridge-based Kislak.
The property, constructed in 2002, sits on about a half-acre and consists of a brick row building with condo-style, upper- and lower-level units, Kislak said. Each has high-end finishes and sliding glass door patios, along with amenities such as central air conditioning, private basements, individual washers and dryers and on-site parking.
The property is less than two miles from the Atlantic Ocean, the news release said.
