Hope’s Crossing at 1 Vans Way in Toms River — Courtesy: The Kislak Co. Inc.
By Joshua Burd
The site of a 125-unit apartment complex in Toms River has changed hands for nearly $33.8 million, according to a brokerage team with The Kislak Co. Inc.
Barry Waisbrod, an executive vice president with the firm, represented two private entities in the transaction at 1 Vans Way. The so-called Hope’s Crossing property traded with what he described as a built-in tenant pool, touting its location just minutes from the Garden State Parkway and from the area’s major commercial and recreation centers.
The collection of mostly two- and three-bedroom units, which spans 14 buildings on 12.6 park-like acres, is also just off routes 9 and 70.
“This was an extraordinary value-add opportunity since the property was previously affordable but is now market rate in one of the strongest and fastest-growing markets in New Jersey,” Waisbrod said. “The purchaser was eager to add this attractive and well-maintained property to their portfolio.”
The final sale price totaled $33.75 million. Both the seller and buyer are longtime Kislak clients.
