Woodbridge-based The Kislak Co. Inc. on July 20 said it recently sold a 98-unit apartment building in Monmouth County’s Asbury Park for $18,500,000.
Kislak arranged the off-market sale with Senior Vice President Daniel Lanni handling the assignment on behalf of the seller, Sackman Residential Holdings LLC, and purchaser, 200 Deal Lake LLC.
“The property last sold in 2012 for $6,900,000 and in less than 10 years increased in value to $18,500,000, showing the strength of appreciation in the Asbury Park and overall New Jersey multifamily market,” said Lanni. “This was a seamless transaction from start to finish, thanks to all of the professionals involved.”
Located at 200 Deal Lake Drive, the property, the Kingsley Arms Apartments is a 100,000-square-foot, eight-story brick building with 23 studios, 68 one-bedroom, 5 two-bedroom units, and 2 penthouse units–many with lake/ocean views.
The units were renovated in 2016, and building upgrades were completed earlier this year. Amenities include on-site laundry facilities, a gym, media room and roof terrace.
The asset is part of a well-maintained residential area in northeastern Asbury Park within the redevelopment zone of Asbury Park on Deal Lake, one block from the Atlantic Ocean and the north end of the Asbury Park boardwalk.
With a regular waiting list, the building remains at 98% occupancy throughout the year, thereby providing an opportunity for rent increases due to the high demand.
In this off-market transaction, the buyer put down a large, non-refundable deposit at contract signing and closed in less than 60 days. ConnectOne Bank provided the financing.