By Joshua Burd
A portfolio of nearly 130 apartments in Monmouth County has changed hands for $34 million, in a newly announced transaction by The Kislak Co. Inc.
According to the brokerage firm, the deal includes a 92-unit property along Ocean Avenue in Belmar, which sits directly across from the Atlantic Ocean. The other is a nearby collection of 35 units, the address of which was not disclosed.
Kislak Senior Vice President Daniel represented the seller and procured the buyer. Both are longtime clients of the firm.
“These are trophy properties in (A plus) Jersey Shore locations with significant value-add potential,” Lanni said. “Although the transaction had its challenges, all parties involved worked well together to resolve issues and ultimately close at a record price per unit.”
In announcing the deal, Kislak said the Belmar property includes 84 one-bedroom units and eight two-bedroom units and on-site parking. The second property has six studios, 23 one-bedroom units and six two-bedroom units in a comparable location.
