Springwood Flats at 1215 Springwood Ave. in Asbury Park — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An apartment investor has added 49 units with its purchase of two properties in Asbury Park, in a nearly $6 million deal arranged by The Kislak Co. Inc.
According to the brokerage team, the portfolio includes the 32-unit Springwood Flats at 1215 Springwood Ave. The second property, which has 17 units, is located at 1266 Washington Ave. and known as The Washington.
Kislak senior vice presidents Daniel Lanni and Joseph Keenan represented the seller and procured the purchaser, respectively, in the $5.925 million deal.
“The seller engaged Kislak to represent them exclusively in the sale of the properties after trying to sell them on their own,” Lanni said. “Our approach was to identify the buyer with the highest probability of closing at the best price within the shortest timeframe. Working together, Joe and I exceeded the seller’s pricing expectations. We pride ourselves on achieving successful closings as quickly as possible with our hands-on approach throughout the entire transaction.”
In announcing the deal, Kislak said the properties sit within a federally designated Opportunity Zone, making investors eligible for favorable tax treatment, and are less than a mile from each other. Both have private entrances with on-site parking and recent upgrades.
“Asbury Park continues to be one of the most sought-after markets in New Jersey and my clients were quick to realize the potential of these underappreciated assets,” Keenan said. “This is my fourth transaction with the Brooklyn-based buyers, having represented them in all of their New Jersey acquisitions.”