Virginia Court Apartments at 362-372 Bath Ave. in Long Branch — Courtesy: The Kislak Co. Inc.
By Joshua Burd
The longtime owner of a 52-unit apartment complex in Long Branch has sold the property for nearly $10 million, according to a broker with The Kislak Co. Inc.
The seller, Virginia Castle LLC, completed the trade at 362-372 Bath Ave. more than 25 years after purchasing what’s known as Virginia Court Apartments. Kislak’s Barry Waisbrod represented the now-former owner, noting that the 60-year-old, garden-style property spans five buildings on nine-tenths of an acre, with 20 one-bedroom and 32 two-bedroom units.
An undisclosed buyer paid $9.75 million for the complex.
“This is a well-maintained property in an excellent Jersey Shore location,” said Waisbrod, an executive vice president with Kislak. “It appealed to the purchaser given the significant upside potential to renovate units and increase rents.”
In announcing the deal, Kislak noted that Virginia Court Apartments is part of a residential neighborhood a half-mile from downtown Long Branch, one mile west of the Atlantic Ocean and a mile southwest of Pier Village, the popular Jersey Shore destination that anchors the city’s oceanfront. Residents also are within an hour’s drive of Manhattan and 40 minutes from Wall Street via the Sea Streak Ferry that leaves from nearby Highlands, while NJ Transit commuter rail service is minutes away.
Richard Kelin of Raiss Kelin Booker & Goldstein LLC and Morris Silberberg of Silberberg & Klein LLP were attorneys for the seller and buyer, respectively.
Kislak, meantime, noted that it brokered the sale of the property in 1997 to Virginia Castle LLC.