Kislak sells Keyport apartments for $29M

Jessica Perry//June 6, 2022//

Kislak sells Keyport apartments for $29M

Jessica Perry//June 6, 2022//

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Keyport sits along the water with a downtown bespeckled with dining and shopping options and that idyllic location was part of the appeal in a recent sale of the Keyport Village Apartments in the Monmouth County municipality.

The Kislak Co. Inc. announced the sale of the 132-unit property located at 251 Atlantic St. for $29 million June 6.

The Woodbridge-based firm marketed the property on an exclusive basis with President Robert Holland and Executive Vice President Barry Waisbrod managing the assignment on behalf of the seller, Keyport Village Apartments DE LLC, while Executive Vice President Joni Sweetwood procured the purchaser, an unnamed longtime client.

The Kislak Co. Inc. arranged the sale and procured the buyer for Keyport Village Apartments at 251 Atlantic St. in Keyport, the firm announced June 6, 2022.
Keyport Village Apartments at 251 Atlantic St. in Keyport. – THE KISLAK CO. INC.

Keyport Village Apartments is comprised of six, two-story brick buildings with 22 studios, 78 one-bedroom, 30 two-bedroom, and two three-bedroom units.

“The purchaser plans to upgrade the units, which will result in higher rents,” Holland said of the sale, adding in a statement, “I am proud of our teamwork getting this done.”

Waisbrod said the seller took advantage of the strong market in deciding to sell, “knowing the update potential of the property due to its location and the quality.”

According to Kislak, the complex offers modern kitchens with upgraded stainless steel appliances and granite countertops and a mix of hardwood and carpeted floors. Along with access to downtown, amenities include a fitness center and onsite laundry.

Sweetwood said the purchase marks the buyer’s entrance to the area.

“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,” she explained. “With more people working remotely, many people are moving south.”

Keyport offers convenient access to the Garden State Parkway and Routes 35 and 36. Transportation services include bus routes to New York City, along with ferry service via the Seastreak Ferry Line, a 20-minute drive from Keyport Village. Throughout the summer, Seastreak also offers excursions to New England, for those seeking a break from the daily grind.