The Kislak Co. said it recently sold two multifamily properties, 49 units total, in Asbury Park for $5.925 million, according to a Thursday announcement from the Woodbridge-based real estate broker.
The properties, Springwood Flats and the Washington, are less than a mile from each other in an Opportunity Zone. Springwood Flats includes 32 studios and the Washington incudes 16 one-bedroom units and one two-bedroom unit.
Both properties have private entrances with on-site parking and including many recent upgrades.
Kislak marketed the properties on an exclusive basis, with Senior Vice President Daniel Lanni handling the assignment on behalf of the seller. Senior Vice President Joseph Keenan procured the purchaser.
“The seller engaged Kislak to represent them exclusively in the sale of the properties after trying to sell them on their own,” Lanni said. “Our approach was to identify the buyer with the highest probability of closing at the best price within the shortest timeframe. Working together, Joe and I exceeded the seller’s pricing expectations. We pride ourselves on achieving successful closings as quickly as possible with our hands-on approach throughout the entire transaction.”
“Asbury Park continues to be one of the most sought-after markets in New Jersey, and my clients were quick to realize the potential of these underappreciated assets. This is my fourth transaction with the Brooklyn-based buyers, having represented them in all of their New Jersey acquisitions,” Keenan added.