Rose Gardens at 336 Third Ave. in Long Branch — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An investor has acquired a 32-unit garden apartment complex in Long Branch for more than $4 million, in the largest of three newly announced transactions by The Kislak Co. Inc.
The brokerage firm represented both parties in the sale of Rose Gardens, a two-story complex at 336 Third Ave. Made up of studios and one-bedroom apartments, the property is within walking distance of NJ Transit rail service and the nearby Monmouth Medical Center.
Kislak Senior Vice President Daniel Lanni completed the $4.2 million deal.
“Monmouth and Ocean Counties remain a strong market for all types of investment real estate,” Lanni said. “We are consistently selling multifamily, retail and mixed use properties at the Jersey Shore for top dollar and clients rely on our expertise to guide the transactions to closing as smoothly as possible.”
The sale of Rose Gardens was one of two recent Monmouth County deals by Lanni. In the other transaction, an investor acquired a 13,000-square-foot shopping center in Matawan for $3.3 million, the address of which was undisclosed, as part of a 1031 exchange.
Lanni also brokered the $980,000 sale of a mixed-use property at 2700 Bridge Ave. in Point Pleasant, Kislak said. The property includes about 2,000 square feet of ground-floor retail space and four renovated apartments on the second floor.