Village Apartments at 1005 Trenton Ave. in Point Pleasant — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A buyer has paid $3.5 million for a 10-unit luxury apartment property in Point Pleasant, in a newly announced deal by The Kislak Co. Inc.
In a news release, the brokerage team said Senior Vice President Daniel Lanni represented WSJ II LLC in its sale of Village Apartments at 1005 Trenton Ave. He also procured the buyer, L State Realty LLC, in a trade that marked his second sale of the property in seven years.
Kislak added that the $350,000-per-unit price represents the highest achieved for a multifamily property in Point Pleasant and all of Ocean County, citing data available from CoStar.
“It was a pleasure to sell this property again after selling it in 2017,” Lanni said. “These are large, condo-quality apartments in a terrific location less than two miles from the ocean. We achieved a record price per unit at an aggressive 5.1 percent cap rate. Helping the buyer to close quickly and efficiently, Magyar Bank financed the transaction.”
Built in 2002, the 10,000-square-foot brick, two-story complex consists of 10 two-bedroom, two bath apartments with individual washers and dryers, open floor plans, individual balconies and porches and ample onsite parking, the news release said. Fully occupied at the time of sale, with below-market rents and no rent control, the property drew interest as a potential condo conversion opportunity.
