336 Third Ave. in Long Branch — Courtesy: The Kislak Co. Inc.
By Joshua Burd
The site of a 32-unit apartment building in Long Branch has changed hands for $6.45 million, according to The Kislak Co. Inc., marking the second trade of the property in four years.
Kislak’s Daniel Lanni represented the seller, Rose 3 Holdings LLC, in the off-market transaction at 336 Third Ave. An undisclosed buyer purchased the two-story brick garden apartment building known as Rose Gardens, which was constructed in 1955, occupying just over three-quarters of an acre near the Long Branch train station.
Lanni, a senior vice president with Kislak, also arranged the previous sale.
“We sold the property to the seller in 2019 and only four years later, they realized a significant profit closing at over $200,000 per unit and a 4.75 percent cap rate,” Lanni said. “The buyer paid all cash, closed efficiently and is looking forward to adding value to the asset.”
In announcing the deal, Kislak noted that Rose Gardens is two blocks from both the train station and Monmouth Medical Center, while it’s also a half-mile west of the Atlantic Ocean and one mile southwest of Pier Village, the popular Jersey Shore destination that anchors oceanfront Long Branch. Its unit mix includes two studios and 30 one-bedroom homes, while the property has on-site parking.
