Kislak sells Monmouth County apartment complex for $29M

Keyport Village Apartments, a 132-unit complex in Monmouth County, sold for $29 million, according to a Monday announcement from the Woodbridge-based Kislak Co. Inc.

Kislak marketed the property at 251 Atlantic St. in Keyport on an exclusive basis, with President Robert Holland and Executive Vice President Barry Waisbrod managing the assignment on behalf of the seller, Keyport Village Apartments DE LLC. Executive Vice President Joni Sweetwood procured the purchaser, a longtime client.

The property consists of six, two-story brick buildings containing 22 studios, 78 one-bedroom units, 30 two-bedroom units and two three-bedroom units with modern kitchens upgraded with stainless steel appliances and granite counters and a mix of hardwood floors in the main living areas and carpeting in the bedrooms.

Amenities include a fitness center, onsite laundry facilities and shopping and dining within walking distance from the property.

Holland highlighted the team’s expertise in the transaction and the future potential of the property: “The purchaser plans to upgrade the units, which will result in higher rents. I am proud of our teamwork getting this done.”

“The seller, with whom we have long-term relationship, took advantage of the strong market and decided to sell, knowing the upside potential of the property due to its location and the quality,” Waisbrod added.

Conveniently located near the Garden State Parkway and Route 36, the property has diverse, abundant transportation with buses to New York City nearby and ferry services to Manhattan via the Seastreak Ferry Line, just a 20-minute drive from Keyport Village.