Asbury Park apartment property sells for $18.5M (after selling for $6.9M in 2012)

An apartment building in Asbury Park has sold for $18.5 million, according to real estate firm the Kislak Co. Inc.

The Kingsley Arms Apartments includes 98 units at 200 Deal Lake Drive, including 23 studios, 68 one-bedroom apartments, five two-bedroom units and two penthouse apartments. The property totals 100,000 square feet over eight stories.

Kislak arranged the off-market sale. Daniel Lanni, senior vice president, worked on behalf of the seller, Sackman Residential Holdings LLC, and the buyer, 200 Deal Lake LLC.

“The property last sold in 2012 for $6.9 million, and in less than 10 years, increased in value to $18.5 million, showing the strength of appreciation in the Asbury Park and overall New Jersey multifamily market,” Lanni said in a prepared statement. “This was a seamless transaction from start to finish, thanks to all of the professionals involved.”

The building is at 98% occupancy. ConnectOne Bank provided the financing for the deal.