Monmouth County trio of multifamily properties fetch $10.5M

The Kislak Co. Inc. announced a trio of Monmouth County-based multifamily sales April 20, marketing all of the properties — two exclusively — and procuring purchasers for each.

Totaling $10.5 million and 64 cumulative units, Senior Vice President Daniel Lanni managed each assignment:

Steiner Ocean Apartments located at 65 Steiner Ave. in Neptune City with 36 units sold for $6.55 million; 14-32 Hancock St. in Keansburg, with 20 units, sold for $3 million; and, also in Neptune, 2-16 George St.‘s eight units sold for $1.08 million.

According to Kislak, this is the first time in 35 years that Steiner Ocean Apartments was available for purchase. The community is comprised of three, two-story garden style buildings. All units have private entrances and onsite parking. According to the firm, under market rents at the property provide a value-add opportunity for the unnamed buyer.

In Keansburg, 14-32 Hancock St. offers residents 12 one-bedroom and eight two-bedroom units with onsite parking just a mile from the beach. At 2-16 George St. in Neptune, the one-bedroom residences include new kitchens and bathrooms, private entrances, onsite parking and a new roof, boilers and water heaters.

“In the 12 years I have been selling investment real estate in Monmouth County, there has never been a better market,” Lanni said. “Those who resisted selling in the past are now compelled given the incredible investor demand and continued cap rate compression.

“Investors are liquid and there has never been a better opportunity for a seller to achieve top dollar,” he added. “We had multiple bidders on these deals and efficiently serviced them from start to finish.”