‘Well-maintained’ Long Branch apartment complex sells for $9.75M

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With a prime location at the Jersey Shore – a mile from both the ocean and the popular Pier Village – a 52-unit Long Branch apartment complex fetched $9.75 million in a recent sale.

The Kislak Co. Inc. announced the sale of The Virginia Court Apartments, located at 362-372 Bath Ave., June 8.

The Woodbridge-based commercial real estate brokerage said it marketed the property exclusively on behalf of Virginia Castle LLC, the seller. Executive Vice President Barry Waisbrod handled the assignment, including procuring the unnamed purchaser.

Virginia Castle LLC previously purchased the property through Kislak in 1997.

“This is a well-maintained property in an excellent Jersey Shore location,” Waisbrod said. “It appealed to the purchaser given the significant upside potential to renovate units and increase rents.”

Built in 1963, Virginia Court Apartments is a two-story garden-style complex comprising five buildings. Situated on nearly an acre of land, the property features 20 one-bedroom and 32 two-bedroom units—all with private entrances and new windows.

Local look

Part of Monmouth County, Long Branch offers connectivity to Manhattan via its train station, a half-mile from Virginia Court Apartments, and the Seastreak Ferry that leaves from the nearby Highlands.

As of the 2020 United States census, the city’s population was 31,667, a 3.1% increase from 2010. According to Kislak, that population is estimated to have increased another 2.4% to 32,434 in 2022.

The seller’s attorney was Richard Kelin of Feinstein Raiss Kelin Booker & Goldstein LLC and the purchaser’s attorney was Morris Silberberg of Silberberg & Klein LLP.