Kislak: Monmouth County multifamily portfolio sells for $34M

Adding up to a total 127 units, The Kislak Co. Inc. announced the recent sale of a two-property multifamily portfolio located in Monmouth County for $34 million.

The portfolio is comprised of a 92-unit property in Belmar and a nearby property with 35 units that was not disclosed.

“These are trophy properties in A+ Jersey Shore locations with significant value-add potential,” Senior Vice President Daniel Lanni said in a statement.

Lanni marketed the portfolio exclusively on behalf of the unnamed seller and procured the unnamed buyer. According to the firm, both are longtime Kislak clients.

In Belmar, the property features 84 one-bedroom units and eight two-bedroom units and onsite parking located along Ocean Avenue directly across from the ocean.

The second piece of the portfolio is situated in a “comparably ideal location,” with a mix of six studios, 23 one-bedrooms and six two-bedroom units.

According to Kislak, both properties offer upside potential.

“Although the transaction had its challenges, all parties involved worked well together to resolve issues and ultimately close at a record price per unit,” Lanni added.

Keep up with Kislak’s other recent multifamily transactions:

• North Arlington portfolio sells for $8.4M
• Jersey City property moves for $3.9M
• Keyport apartments trade for $29M