135 Rockwell Ave. in Long Branch — Courtesy: The Kislak Co. Inc.
By Joshua Burd
Four properties with a combined 100 apartments have changed hands in Long Branch and Asbury Park, following a set of transactions brokered by The Kislak Co. Inc.
The deals, which totaled $12.59 million in value, include the $7.025 million sale of 135 Rockwell Ave. in Long Branch, Kislak said. Located less than a mile from Ocean Avenue, the property is made up of four two-story brick garden apartment complexes with 63 one-bedroom units, which are bolstered by recent upgrades such as new roofs, hot water heaters and major plumbing upgrades.
Kislak Vice President Daniel Lanni represented the seller of 135 Rockwell and those of the other three properties. He also procured the buyer.
“Monmouth County remains a strong market for investment sales especially in the shore towns of Long Branch and Asbury Park,” Lanni said. “We exclusively represented four sellers and quickly generated significant interest in the properties and ultimately closed the sales at record prices.”
Nearby Matilda Terrace, a two-story brick building at 468 2nd Ave. in Long Branch, sold for $1.825 million, Kislak said. The deal included 15 out of 20 garden-style, one-bedroom condominiums that were on the market for the first time in 30 years.
The brokerage also noted that the deal includes the value-add opportunity to purchase the remaining five condos for future conversion to an apartment building. The recently upgraded property is near Ocean Avenue and Pier Village.
In Asbury Park, Kislak brokered the $2.4 million sale of 601-621 Main St., a two-story mixed-use building with nine residential units and seven retail spaces. The firm said the property also came on the market for the first time in 30 years after recent capital improvements, with long-term tenants maintaining stable occupancy.
The second deal in Asbury Park involved a 13-unit complex at 407 8th Ave., which sold for $1.7 million, Kislak said. The property near Deal Lake and Ocean Avenue is comprised of eight one-bedroom apartments, three studios and two two-bedrooms, also offering value-add potential.
