The Kislak Co. Inc. has brokered the sale of a three-property, 258-unit apartment portfolio in Atlantic City that includes 1922 Beach Ave., 1917 North Columbia Ave., 1925 North Arkansas Ave., 2304 Sheldon Ave., 2304 Hamilton Ave., 905 West Riverside Drive and 1801 and 1800 North Missouri Ave. — Courtesy: Kislak
By Joshua Burd
A private investor has acquired a three-property, 258-unit apartment portfolio in Atlantic City for nearly $21 million, brokers with The Kislak Co. Inc. announced Thursday.
According to a news release, the portfolio includes the 112-unit Atlantic Venice Park Apartments at 1922 Beach Ave., 1917 North Columbia Ave. and 1925 North Arkansas Ave. The second property comprises 78 condominium units that are operated as rentals at 2304 Sheldon Ave., 2304 Hamilton Ave. and 905 West Riverside Drive, while the third is the Hamilton Venice Apartments with 68 units at 1801 and 1800 North Missouri Ave.
Kislak Executive Vice President Joni Sweetwood represented the sellers, Atlantic Venice Park LLC, Venice Park LLC and Hamilton Venice Park LLC. She also procured the buyer in the $20.5 million deal, noting that all parties are longtime Kislak clients.
The firm added that the trade represents the largest multifamily sale in Atlantic City in at least 10 years and is the biggest such transaction in Atlantic County in more than a year, citing data available from CoStar.
“The offering presented a unique opportunity to acquire a large number of units with upside potential in the Atlantic City market,” Sweetwood said. “The purchaser intends to renovate the units and improve the properties.”
Bult in 1970, the portfolio consists of 33 two-story buildings with 258 garden-style residential units in a quiet, island-like residential neighborhood in suburban Atlantic City, the news release said. The unit mix includes 237 two-bedroom units and 21 one-bedroom units, while residents are minutes from the Atlantic City boardwalk, shopping, hotels and casinos and near routes 30 and 40 and the Atlantic City Expressway.
