3 Opportunity Zone properties sold for $9.9M; multifamily rental planned

Three properties totaling nearly 2 acres located in an Opportunity Zone in Long Branch have been sold for $9.9 million, according to real estate firm the Kislak Co. Inc.

The purchaser of the properties — 276, 286 and 290 Ocean Ave. — called 290 Ocean LLC, intends to construct a 109-unit luxury rental building on the combined site. The location is within Long Branch’s Oceanfront-Broadway Redevelopment Plan Beachfront South Sector.

“The offering presented an extraordinary opportunity to develop an oceanfront multifamily property in an Opportunity Zone in one of the strongest markets along the Jersey Shore,” Kislak Chief Operating Officer Jason Pucci said in a prepared statement. “The key demand drivers for luxury housing in the immediate vicinity include population growth, tourism, supply constraints and economic growth, and the assemblage is among the last developable oceanfront properties in New Jersey.”

Woodbridge-based Kislak marketed the properties on behalf of the sellers. Arbor Sales & Marketing LLC procured the purchaser.