Morris Mews at 366 Prospect Ave. in Long Branch — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An investor has purchased an 18-unit garden apartment complex in Long Branch for $3.5 million, in a newly announced deal by The Kislak Co. Inc.
The brokerage firm’s Daniel Lanni represented SW 366 Prospect LLC in its sale of what’s known as Morris Mews at 366 Prospect Ave. He also procured the buyer, CRE Realty Group LLC, in what marks the second trade of the property in four years.
“I previously arranged the sale of the property to the seller in 2020 and four years later identified an aggressive purchaser in need of an I.R.C. Section 1031 exchange who proceeded at a 5.1 percent cap rate,” said Lanni, a senior vice president with Woodbridge-based Kislak. “The offering included an existing mortgage with a year remaining at a 3.5 percent interest rate. The attractive financing will assist in the execution of the purchaser’s value-add strategy.”
Built in 1966, the 12,600-square-foot brick complex consists of 16 one-bedroom units and two two-bedroom units with on-site parking and laundry facilities, according to a news release. The property was fully occupied at the time of the sale, Kislak said, touting it as a value add-opportunity given its below-market rents and no local rent control.
Lanni also cited the property’s location in eastern Monmouth County and less than a half-mile from the acclaimed Pier Village. Renters, meantime, are a block from the Long Branch train station.
