Keyport Village Apartments at 251 Atlantic St. in Keyport — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An investor has purchased a 132-unit apartment complex in Keyport for $29 million, under a deal arranged by The Kislak Co. Inc.
In a news release, the brokerage firm said it represented Keyport Village Apartments DE LLC in the sale of the six-building property at 251 Atlantic St. The undisclosed buyer is now planning renovations that will capitalize on the site’s location near the Garden State Parkway and Route 36.
“The purchaser plans to upgrade the units, which will result in higher rents,” Kislak President Robert Holland said. “I am proud of our teamwork getting this done.”
Holland managed the assignment alongside Executive Vice President Barry Waisbrod, the news release said. Executive Vice President Joni Sweetwood procured the purchaser, a longtime client.
Kislak announced the deal Monday, noting that Keyport Village Apartments includes 22 studios, 78 one-bedroom units, 30 two-bedroom units and two three-bedroom units with updated kitchens and a mix of hardwood floors in the main living areas and carpeting in the bedrooms. Amenities include a fitness center, on-site laundry facilities and shopping and dining within walking distance of the property.
“The seller with whom we have long-term relationship took advantage of the strong market and decided to sell, knowing the upside potential of the property due to its location and the quality,” Waisbrod said.
Kislak also touted the property’s proximity to bus and ferry service to Manhattan, noting that it’s a 20-minute drive from Seastreak Ferry Line.
“I sold this property to a longtime client who owns many properties outside the area, so this is first-time ownership in an area attractive because of its waterfront proximity and abundant local amenities,” Sweetwood said. “With more people working remotely, many people are moving south.”
